One analyst says Dogecoin will dip 30% to trade at $0.104 before embarking on a 1,300% rally to hit $1.5, which would be its new all-time high.
Other analysts have made similar predictions, with one pointing to DOGE breaking out of a triangular price pattern that it had been stuck in since 2022.

Dogecoin could hit a new all-time high soon, but it would first lose a third of its value before embarking on a bull rally, predicts one analyst.

DOGE trades at $0.1722 at press time, gaining 1.80% in the past day as most major cryptos flashed green after an uneventful weekend.

Unlike most cryptos whose volume rebounded today after the weekend dip, Dogecoin’s volume dipped by 22% to settle at $1.26 billion on the spot market.

According to Toblerone, a crypto analyst with over 43,000 followers on X, DOGE could be heading to a new record price. However, as shown below, it is likely to drop drastically before a rebound that will see it soar by over 1,000%.

The analyst stated:

Another 30% discount incoming. [The] reload area is 0.108. It should give 13x from the reload area and 8x from the current levels.

Toblerone has been bullish on DOGE this entire year. In February, he claimed that the reload area for the meme coin would be $0.125 and has been updating his forecast since. His most recent update is the most bullish, and it has DOGE hitting $0.25 within the next month and, after a slight retrace, embarking on another bull rally that will take it past $0.65.

A retrace will follow before yet another wave of gains pushes the Dogecoin price to $1.1, and after yet another cyclical retrace, it will surge to over $2 in an optimistic scenario, as shown below.

Dogecoin to $1?

Other analysts have been bullish on Dogecoin. Ali Martinez pointed out that the meme coin has been consolidating for a while now after breaking free of a triangular trading pattern in which it had been caught up since 2021. Every time the crypto breaks free of a similar pattern—which has happened twice before—it always goes on a parabolic run; the first time was in 2017, and the second was in 2021.

According to Martinez, the top meme coin should hit upwards of $5 in its looming bull run. Such a massive bull run would give Dogecoin a market cap of $720 billion, half the size of Bitcoin and higher than any other crypto in the market, including Ethereum.

Meanwhile, other meme coins continue to impress in the current market. PEPE is still leading in gains over the past week, accruing over 78% in that time, as Crypto News Flash reported. However, Floki led the race over the past day, gaining 22%. Bonk, WIF and BOME followed suit, gaining upwards of 8% each. Over the past day, meme coins boast a market cap of $65.78 billion and $10 billion in trading volume.

 

The post Dogecoin Rollercoaster: Analyst Predicts 30% Crash, Followed by 1,300% Rally appeared first on Crypto Adventure.

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Filed under: Bitcoin - @ May 27, 2024 6:00 pm