TL;DR
Analysts foresee a potential surge in Dogecoin’s value, predicting increases up to 500% and reaching milestones like $1.
Despite not joining recent meme coin surges, DOGE’s anticipated rally is bolstered by the overall market trends post-Bitcoin halving, which has previously catalyzed significant price increases across cryptocurrencies.
Is DOGE Gearing up for a 500% Price Rally?
Numerous meme coins, including Shiba Inu (SHIB), Pepe (PEPE), Floki Inu (FLOKI), and Bonk Inu (BONK), performed quite well over the weekend, with their prices recording double-digit surges. However, Dogecoin (DOGE)—the largest asset of that type in terms of market capitalization—was not among the gainers.
It is currently worth around $0.16 (per CoinGecko’s data), a 3% decline on a weekly scale and a 23% drop over the past 14 days.
One popular analyst who believes the dog-themed token will soon break the negative trend is the X user Ali Martinez. He thinks DOGE is currently in a consolidation phase after previously following a “descending triangle.”
The analyst predicted that, based on its past performance, the asset’s valuation might soon explode by over 500% and reach the $1 milestone.
#Dogecoin is showing its classic pattern once again! $DOGE is currently consolidating after breaking out from a descending triangle.
Based on past trends, we might just see #DOGE rocket towards $1 in the coming weeks! pic.twitter.com/dEWeVWLIHR
— Ali (@ali_charts) April 21, 2024
The Previous Forecasts and the Potential Catalyst
Another analyst who recently touched upon DOGE’s price trajectory is JAVON MARKS. Earlier this month, the X user described the asset’s correction as a “healthy pullback,” reminding its great performance since the start of 2024. JAVON MARKS went further, envisioning a 315% rally toward the $0.65 mark.
Mikybull Crypto and Trader Tardigrade chipped in, too.The former maintained that the “real bull run is about to start,” while the latter claimed that Dogecoin runs the “Cycle of 7 years,” meaning a price explosion toward the astonishing $40 is not out of the cards.
One essential element that may fuel DOGE’s march toward fresh peaks in the near future is the Bitcoin halving, which took place a few days back. The event has previously been followed by a huge resurgence in the entire cryptocurrency market, and many expect to see similar surges in the following months.
Recall that DOGE was worth less than $0.01 by the time of the previous halving in the spring of 2020, whereas its price skyrocketed above $0.65 a year later.
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