Dogecoin ($DOGE) Price Could Soar 1,300% to $1.6, Crypto Analyst Predicts
A well-known cryptocurrency analyst recently made a bold prediction, stating that the price of Dogecoin ($DOGE) could experience a staggering increase of over 1,000%, reaching $1.6 in the future. The analyst, who goes by the pseudonym Trader Tardigrade on X (formerly Twitter), believes that Dogecoin’s price is currently forming a Falling Wedge pattern, indicating an imminent breakout.
Trader Tardigrade shared a monthly chart of Dogecoin, pointing out that the current pattern closely resembles the previous two cycles. Based on historical data, the analyst suggests that a surge of 1,300% from the current price of $0.11 to $1.6 is not out of the realm of possibility.
Adding to the potential bullish sentiment, recent data from on-chain analytics firm Santiment reveals that DOGE whales have acquired over 1.4 billion tokens within a 48-hour period, adding more than $140 million to their wallets. This significant accumulation by whales may further fuel the price surge.
Elon Musk, the CEO of Tesla and Space X, has previously expressed his affinity for Dogecoin, citing his love for dogs and memes as the reason behind his fondness for the cryptocurrency. This endorsement from Musk has contributed to Dogecoin’s popularity and increased attention from investors.
Featured image via Unsplash.