Dogecoin Could Soar As High as $5, Crypto Analyst Predicts

Source: Barron’s

Market watcher and crypto trader CryptoPatel has given an extremely bullish prediction for Dogecoin, saying it could reach as high as $5. According to the prediction, current patterns in DOGE are signaling a potential 6,000% surge from its current price, something we have never seen from the leading dog-coin.

The analyst shared a DOGE chart on TradingView, detailing critical points such as a retest at $0.056 and a breakout at $0.072, leading up to an anticipated surge to $5. ” “The DOGECOIN pattern is repeating, signaling a massive blast-off just around the corner,” CryptoPatel says. “A perfect retest is approaching, creating an incredible entry setup. Once the retest is complete, watch Dogecoin soar to the moon! In the memecoins season of the bull market, $5 is a realistic target.”

Dogecoin Eyes $0.1 Milestone, What's Hindering the Surge?
Source: Crypto News

DOGE holds the 10th position in the overall cryptocurrency ecosystem, and its current price is $0.08036. Dogecooin’s all-time highest value was $0.74. For DOGE to break $1, let alone reach as high as $5, would be unprecedented. Furthermore, with its current circulating supply, a surge to $5 would cause the market cap of DOGE to explode as well.

Also Read: Dogecoin: How High Can DOGE Rise in 2024?

Dogecoin has experienced significant surges in the past, however, one of this magnitude would be difficult. Predictions for DOGE in 2024 don’t see the coin going above $0.20, so a $5 valuation is unlikely for the near future. Most likely, this retest may see Dogecoin surge alongside memecoins up to a high of $0.15. We are still a ways away from Dogecoin reclaiming its all-time high as well.