In a forecast that has caught the attention of the expansive cryptocurrency community, a popular digital assets trader believes that Dogecoin ($DOGE) could experience significant growth in the near term.
The pseudonymous cryptocurrency analyst, Altcoin Sherpa shared a price prediction with his nearly 200,000 followers on the microblogging platform X that, based on current indicators, DOGE could witness a growth of approximately 20% from its present value of $0.077.
Sherpa notes that DOGE is one of the few altcoins that “looks pretty strong overall,” and while he conceded he doesn’t know which previous levels will be significant, he wouldn’t “be surprised to see this continue grinding as high as .09s in the short term.”
The analyst noted that he is keeping a close eye on the meme-inspired cryptocurrency for a for a prospective buying opportunity. He cites the 200-day exponential moving average (EMA) at $0.075 as the next key support/resistance level.
As CryptoGlobe reported, popular r cryptocurrency analyst Ali Martinez has recently noted on social media DOGE formed a chart pattern that suggests the price of the cryptocurrency may surge over 23,000%, akin to a rise it experienced last year when the same pattern was formed on its chart.
The last time Dogecoin encountered a descending triangle pattern on its weekly chart pattern, it catapulted with an almost unfathomable rally of 23,200%. This revelation has stoked speculation about whether Dogecoin could reproduce a similarly meteoric rise.
Interestingly, Martinez’s post on the chart pattern coincided with a notable accumulation trend among large holders of the meme-inspired cryptocurrency, colloquially known as whales. The analyst highlighted in a subsequent tweet that these high-level investors, who hold between 1 billion to 10 billion DOGE, have amassed 3 billion coins, equivalent to $225 million, over the past three weeks.
Earlier this week, the cryptocurrency’s price moved up over 10% after Tesla and SpaceX CEO Elon Musk’s Twitter bio changed after Twitter’s rebranding to “X”. Musk’s profile location now displays an “X” and a “D”, with the “X” alluding to Twitter’s new identity and the “D” widely interpreted as a nod to Dogecoin, a cryptocurrency Musk has openly championed for the past few years.
Featured image via Unsplash.
