Crypto Analyst Says Dogecoin Price Will Rise Over 7,200% To Reach $10, Here’s Why
August 01 2024 - 10:30AM
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The Dogecoin price reaching double-digits remains a dream for its
die-hard community, despite the meme coin failing to claim $1 even
till now. Nevertheless, expectations that Dogecoin will eventually
cross $10 remain high as one analyst has given reasons why the
largest meme coin by market cap is set to surge by more than
7,200%. Dogecoin To Stage A Log Breakout Crypto analyst Javon Marks
took to X (formerly Twitter) to share an interesting development on
the Dogecoin chart. Marks points out that a Log Breakout could be
on the horizon for the meme coin, which could lead to a massive
surge in price. Related Reading: Hedge Fund Manager Says Bitcoin
Price Will Reach $428,000 If This Happens The reason for the
analyst’s optimism toward the Log Breakout are what transpired for
Dogecoin the previous two times that it has appeared. The first
time this Log Breakout was completed for DOGE was back in the
2017-2018 bull market. This resulted in a 9,472% price increase,
taking Dogecoin from a low of $0.0002 to a high of $0.01858. Then
again, in the 2020-2021 bull market, Dogecoin would undergo another
Log Breakout, this time leading to an even more prominent rally
than before. This was the legendary 28,882% rally of 2021 when the
DOGE price went from $0.0012 to almost $0.74. Given this historical
performance and taking into account that breakouts like these often
rhyme with their previous appearances, the crypto analyst believes
that the Dogecoin price is set to undergo another major rally soon.
How Far Can DOGE Rise? In his analysis, Marks presents his own
expectations for the Dogecoin price should the Log Breakout be
completed. According to the chart shared in the X post, Marks
expects an at least 7,200% increase in the DOGE price from the
current level. This would put the meme coin above $10 for the first
time in history. Related Reading: This PEPE Holder Cohort Is The
Reason Price Is Struggling To Reclaim $0.00002 The crypto analyst
explains that each Log Breakout has led to a larger rally than the
last, so this could mean that the DOGE price could rally higher.
However, with the Dogecoin market cap already so large, such
immense rallies could be hard-fought from here. In addition to
Dogecoin, Shiba Inu is another meme coin that the crypto analyst is
bullish on. In an earlier analysis, Marks pointed out that the
second-largest meme coin by market cap had confirmed a macro Hidden
Bullish Divergence. Given this, he expects that the Shiba Inu price
could rise 354% from its current level to reach its all-time high
levels around $0.000081. Featured image created with Dall.E, chart
from Tradingview.com
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