Dogecoin Set for Major Rally, Potential Rise to $7.5, Predicts Analyst
Crypto analyst Trader Tardigrade has shared an exciting prediction for Dogecoin (DOGE). According to his insights, the popular meme coin could soon experience a significant surge, possibly reaching a price of $7.5. This potential increase comes as Dogecoin enters the final stage of consolidation.
Dogecoin’s Massive Rally Could Reach $7.5
Trader Tardigrade believes that Dogecoin is poised for a big move upward due to a pattern he describes as "triangle consolidation". This pattern often appears right before a significant price increase. In the past, similar patterns have led to substantial rallies.
He also mentioned another pattern called the "ladle", where a "bowl" is formed before a surge. According to his analysis, once the "shaft" of the pattern is complete, Dogecoin may rise above $2.
In another analysis, Trader Tardigrade pointed out a parallel channel pattern. He believes that Dogecoin, which has left the lower support line, is set to make a "huge" move and could potentially rise to $12.
Other Optimistic Predictions
Trader Tardigrade isn't the only one with high hopes for Dogecoin. Crypto analyst Javon Marks has also pointed to past trends, suggesting that Dogecoin could soar to as high as $17. He noted that every bull run in Dogecoin's history leads to a bigger price increase.
Current Sentiment and Short-Term Outlook
Despite these optimistic predictions, not all analysts are bullish. Crypto analyst Kevin has noted some bearish signs. He highlighted that Dogecoin has lost all its daily moving averages, which is typically a bad sign in the short to medium term if it doesn’t recover these levels.
Kevin also mentioned that Dogecoin’s recent bounce from the $0.11 level has been underwhelming. He suggested that a critical level to watch is $0.132. For now, Dogecoin needs to stay above the range between $0.10 and $0.11 to avoid further declines.
Current Market Status
As of the latest data, Dogecoin is trading around $0.12, showing a downward trend in the past 24 hours.
Note: This article provides information based on analysts' predictions and should not be taken as financial advice. Always do your own research before investing.
