Crypto analyst Trader Tardigrade revealed how much the price of Dogecoin could rise if it reflects its previous bull run. This comes on the heels of DOGE’s latest initiative, which has resulted in the meme’s leading coin becoming the sixth largest crypto by market cap.
The price of Dogecoin can go up
In X’s post, Trader Tardigrade said the price of Dogecoin is set mirror previous cycles and then indicate how high it can go based on previous bull cycles. A crypto analyst predicted that Dogecoin could reach $8.7 in August 2025 if it reflects its 2016 bull price action. Meanwhile, he added that DOGE could rise to $30 by March 2025 if it follows its 2021 bull run.
Dogecoin price has recorded a much bigger gain in the 2021 bull run than in 2016, which is why it could be higher if it repeats the price action of 2021. However, Dogecoin repeating the 2021 bull run means that it will reach a market cap soon in this cycle, as Trader Tardigrade shown.
Meanwhile, a crypto analyst recently suggested that Dogecoin’s price may be bullish in 2021 when he said RSI twice a month increased to 2020 levels. A rally to $30 from DOGE’s current price level represents a value gain of about 10,000%. However, there is a possibility that the meme character’s gains in this market cycle could be greater than that since it has been the best performer in every successive bull run.
DOGE Set to Meet at $10
In X post, crypto analyst Dima James indicated that the Dogecoin price was set at $10. This came as he noted that Dogecoin is building an inverse head and shoulders pattern throughout the cycle before recording a major rally. In 2016, the meme coin grew by 3,300% after crossing the weekly resistance neckline and compounded 12,000% in 2021 after the same thing happened.
The analyst pointed out that the same thing is about to happen again. In line with this, he noted that market participants should expect a major uptrend followed by a major pullback that extends into 2025. He added that the significant increase in trading volume should also drive the price of Dogecoin higher.
The chart accompanying the analyst showed that Dogecoin’s price could indeed rise to $36, just above Trader Tardigrade’s target if the meme coin replicates the 2021 bull run. Crypto analyst Olivier also recently predicted that Dogecoin can meet at $32 in this bull run while showing that the all-time high (ATH) is only a few weeks away.
At the time of writing, the price of Dogecoin is trading at around $0.28, up more than 23% in the last 24 hours, according to the report. data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
Source link