As a seasoned crypto investor who has weathered numerous market storms and witnessed the unpredictable nature of digital assets, I must admit that the bullish thesis for Dogecoin has piqued my interest once again. Having observed its tumultuous journey since its inception, I can’t help but feel a sense of deja vu as the price action mirrors patterns from 2017 and 2020.
As a dedicated researcher in the crypto sphere, I’ve long observed the fervent anticipation within the Dogecoin community regarding the potential soaring of their beloved meme coin to levels as high as $10. Despite several turbulent price crashes that have tested their resolve, they’ve remained steadfast and unwavering in their support for Dogecoin.
The Bullish Thesis For Dogecoin
Crypto expert Dima James Potts expressed optimism about Dogecoin’s price on the X platform, basing his forecast on a variety of elements such as past trends and adoption rates. Ultimately, his analysis suggests that the value of Dogecoin might experience significant growth.
Analyst Potts drew attention to the similarities between the recent surge of Dogecoin’s price and its past movements in 2017 and 2020. Notably, he pointed out that before each significant price rise, Dogecoin had surpassed a certain line (white) on the chart and ended the week above it, as illustrated in the accompanying image. In simpler terms, this suggests that the current bullish trend could continue if Dogecoin follows its historical pattern.
Every occurrence of this event triggered a steep increase in Dogecoin’s value, and now, similar to before, Dogecoin’s price has surpassed the horizontal line. This is seen as positive by analysts, suggesting that it’s a confirmation. Nevertheless, the full pattern isn’t yet complete – what remains is closing the week above this line. Given that the breakout took place on Sunday, Dogecoin’s price still has the rest of the current week to finish this upward trend.
The breakout is, however, not the only reason that Potts is bullish on the Dogecoin price. He also points to the increased adoption and low price as reasons why the price could rise to new highs. Also, with more technological updates that provide for faster transactions and higher levels of security, the analyst believes that this “could further bolster Dogecoin’s utility and appeal.”
A Possible 11,000% Surge?
Based on past Dogecoin market trends, an analyst noted that each rally has been more substantial than the one before. For instance, there was a massive 9,300% increase in 2017 and a staggering 29,000% surge in 2020/2021. This pattern suggests to the analyst that Dogecoin’s price could also experience a substantial jump this time as well.
The lowest point of the Dogecoin rally is estimated to be approximately 11,167%, implying a price above $10. However, if the rally continues in the best-case scenario, the peak could reach 40,137%, which would take the DOGE price up to around $40.
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2024-10-03 12:40