Dogecoin’s Possible Price Surge: A Comprehensive Analysis
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The Implications of Another Historic Dogecoin Price Surge
In a detailed analysis shared on social media, renowned crypto analyst Glory speculated about the potential for Dogecoin to repeat its astronomical 68,000% price increase. If such an event were to occur in the current market cycle, the meme-inspired cryptocurrency could attain a double-digit value, skyrocketing its market capitalization into the trillions.
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Could Dogecoin Reach Unprecedented Heights Again?
According to Glory, if Dogecoin were to emulate its previous surge from $0.001 to $0.74, the price would reach approximately $36, with the market cap exceeding $5 trillion. While this scenario seems improbable, it’s worth remembering that Bitcoin’s unexpected rise to $100,000 was once deemed impossible as well.
Considering the current market conditions, Dogecoin’s circulating supply would result in a market cap of $5.37 trillion if it hit $36. This figure is significantly higher than the entire crypto market’s current valuation, which hovers just below $3 trillion, making such a leap seem unlikely.
Other Analysts Weigh In
Despite these odds, some experts like DOGECAPITAL suggest that Dogecoin could indeed reach this ambitious target and potentially go beyond. In his recent analysis, DOGECAPITAL projected that Dogecoin might hit $69 by October, marking a potential peak for this cycle.
He further analyzed past cycles, highlighting that the 2017 bull run saw both early and late cycle tops, while 2021 experienced only an early peak. He posits that although an early-cycle top hasn’t occurred in the current cycle, a late-cycle peak might emerge by October.
Dogecoin Poised for Another Rally
Trader Tardigrade, another prominent crypto analyst, suggests that Dogecoin is gearing up for another upward movement. His analysis points to a recurring bullish falling wedge pattern, reminiscent of the setup preceding the last price surge on the 4-hour chart. Additionally, the stochastic indicator is dipping into an oversold zone as Dogecoin nears the end of this wedge.
In a subsequent post, Trader Tardigrade indicated that Dogecoin is primed for stage 3 of its bull market, predicting a potential price of $6. At present, Dogecoin is valued at approximately $0.173, reflecting a nearly 2% decline, as per CoinMarketCap data.
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