A popular crypto analyst has predicted that Dogecoin (DOGE), the cryptocurrency inspired by a Shiba Inu meme, will likely increase in value by seven times its current price.
DOGE new price prediction
Altcoin Sherpa believes that DOGE could soon reach the $0.50 mark.
However, Sherpa advises that this increase may take some time, which could discourage long-term DOGE holders from investing in other opportunities.
Additionally, Sherpa cautions that other memecoins, such as Shiba Inu (SHIB) and Pepe (PEPE), could gain traction at the expense of DOGE.
“DOGE: A high probability/low IQ play is that you can just buy DOGE now and go into a coma and then wait for it to go to $0.30-$0.50 or even higher. It’s going to happen eventually.
Downsides are:
opportunity cost.
this could take a LONG time.
energy might go into SHIB or PEPE.”
Based on Sherpa’s chart, it seems that DOGE is surpassing resistance levels that were indicated by exponential moving averages.
The chart indicates that DOGE is testing the crucial 89-day EMA, which traders use to identify trend reversals. It’s worth noting that the last time DOGE was traded for $0.50 was in 2021.
As of now, Dogecoin is valued at $0.0709, having increased by 3.9% over the past 24 hours. Additionally, the trader is assessing Bitcoin (BTC) and predicts that it will move upwards in the near future after holding support at the 200-day EMA.
DOGE in the news
During a strategy meeting, an analyst named Van de Poppe noted that the market structure of Dogecoin closely resembles the price action of XRP prior to its recent surge.
Van de Poppe, a cryptocurrency trader, compared the 12-hour chart of XRP to the line chart of Dogecoin and found significant similarities.
According to his analysis, if Dogecoin continues to follow XRP’s pattern, it could experience a surge in price of up to 157% from its current value.
“We’re on the edge of having a runner to maybe $0.15 to $0.18 on DOGE.”