In the ever-evolving world of cryptocurrency, Dogecoin has once again caught the attention of analysts and enthusiasts alike. Crypto analyst Trader Tardigrade has drawn attention to a remarkable pattern in Dogecoin’s price movement that mirrors the activity seen in 2020. This analysis delves into these observations and speculates on what the future may hold for Dogecoin investors.
Dogecoin Price Sees Bi-Monthly Rise To 2020 Levels
Recently, Trader Tardigrade highlighted that Dogecoin’s bi-monthly Relative Strength Index (RSI) has ascended to levels reminiscent of the pre-bull run phase of 2020. This intriguing development suggests that Dogecoin could be on the cusp of a significant price surge. According to the analyst, the upcoming three bi-monthly candles could be monumental for Dogecoin, potentially setting the stage for substantial gains.
The chart shared by Trader Tardigrade illustrates a historical precedent where a similar RSI rise in 2020 preceded the massive price rally that propelled Dogecoin to its all-time high (ATH) of $0.73. Interestingly, the current analysis speculates that if this pattern repeats, Dogecoin could surge to an astonishing $44. Such a meteoric rise would mirror the incredible 26,000% gain observed during the 2021 bull run.
Other analysts have also offered bullish predictions for Dogecoin’s future trajectory. Ali Martinez, another notable crypto analyst, forecasts that Dogecoin could reach a price point of $23 in the current market cycle, contingent upon DOGE reaching the 1.1618 or even the 2.272 Fibonacci levels. Martinez also suggests that influential figures like Elon Musk could play a pivotal role in sparking this upward momentum.
Adding to this optimistic outlook, crypto analyst Olivier predicts a possible Dogecoin price of $32 during this bull run. He bases this projection on the broader expectation that Bitcoin could potentially rise to a staggering $1 million, thereby lifting other cryptocurrencies like Dogecoin in its wake.
DOGE’s Growth Potential In Comparison To Bitcoin
Analyzing Dogecoin’s growth potential relative to Bitcoin, crypto analyst Master Kenobi provides a compelling perspective. In a recent analysis, he noted that while Bitcoin has achieved a 5x increase from the market bottom, Dogecoin has only attained a 4x rise. The current market cap disparity is significant, with Bitcoin’s market cap standing at $1.5 trillion compared to Dogecoin’s $29 billion, a difference of 51 times.
Master Kenobi suggests that Dogecoin holds the potential for a 10x increase from its current market cap, reaching $290 billion and driving the price to approximately $2. In contrast, he forecasts that Bitcoin’s price would likely only double, reaching $150,000 and a market cap of $3 trillion.
As of now, Dogecoin is trading around $0.2, marking an over 3% increase in the past 24 hours, according to CoinMarketCap data. This recent uptick in price reinforces the optimistic forecasts shared by various analysts, hinting at the possibility of another exciting chapter in Dogecoin’s volatile journey.
