Crypto analyst Trader Tardigrade has highlighted a similarity between the Dogecoin value motion and that witnessed in 2020. The analyst additional revealed what occurred the final time this sample shaped on the Dogecoin chart and what to anticipate.
Dogecoin Price Sees Bi-Monthly Rise To 2020 Levels
In an X submit, Trader Tardigrade revealed that the Dogecoin value bi-monthly RSI (Relative Strength Index) has risen to ranges final seen in 2020. The analyst additional famous this was occurring proper earlier than the huge bull run. In line with this, he predicts that the three bi-monthly candles shall be big for Dogecoin.
The analyst’s accompanying chart confirmed that huge large candles adopted when the Dogecoin value RSI rose to those ranges in 2020. This ultimately paved the way in which for Dogecoin to succeed in its present all-time high (ATH) of $0.73. Interestingly, Trader Tardigrade’s chart confirmed that the Dogecoin value might rise to as excessive as $44 this time round.
Such a parabolic transfer shall be doable if the Dogecoin value replicates its acquire of over 26,000% within the 2021 bul run. Alongside Trader Tardigrade, another crypto analysts have additionally supplied ultra-bullish predictions for the Dogecoin value this week.
Crypto analyst Ali Martinez mentioned that the Dogecoin value might rise to as excessive as $23 on this market cycle. He defined that this might occur if DOGE had been to rally to the 1.1618 and even 2.272 Fibonacci ranges. The analyst additionally advised that the world’s richest man, Elon Musk, might contribute to this value rally.
Crypto analyst Olivier additionally predicted that the Dogecoin value might rise to as excessive as $32 on this bull run. The analyst is assured that this parabolic rally might occur since there are predictions that the Bitcoin price can rise to $1 million.
DOGE’s Growth Potential In Comparison To Bitcoin
Crypto analyst Master Kenobi lately analyzed Dogecoin’s value progress potential compared to Bitcoin. In an X submit, the analyst famous that Bitcoin has already achieved a 5x from the market backside, whereas Dogecoin has solely managed a 4x thus far. He additional famous that BTC’s market cap is $1.5 trillion, whereas DOGE’s is $29 billion, which is a 51x distinction between these market caps.
Having made these factors, Master Kenobi highlighted the Dogecoin value progress potential. He claimed that Dogecoin’s market cap might improve 10x from this level and rise to $290 billion, which is able to put DOGE’s value at $2. Meanwhile, he predicts that the Bitcoin price would solely 2x from this level, rise to $150,000, and attain a market cap of $3 trillion.
At the time of writing, the Dogecoin value is buying and selling at round $0.2, up over 3% within the final 24 hours, in accordance with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
