A popular cryptocurrency analyst has recently suggested that the leading meme-inspired cryptocurrency Dogecoin ($DOGE) could soon see a price breakout to the $0.653 mark, representing a rise of over 400% from its current level.
According to a post analyst Javon Marks published on the microblogging platform X (formerly known as Twitter), it “may be a matter of time” before the meme-inspired cryptocurrency’s price breakout to its price target, up from DOGE’s current price of $0.118.
Notably another cryptocurrency analyst recently suggested DOGE could see a 1,500% surge from its current levels, with pseudonymous analyst Kaleo telling his over 640,000 followers that Dogecoin could move to $1 or $2. In such a surge, believing the cryptocurrency market is in a “meme coin super cycle.”
In his post, Kaleo wrote that while for most of its history the meme-inspired cryptocurrency has been “trending sideways or down,” when it hasn’t seen these movements it “had one run that pumped ~6000% from the lows and another that pumped more than 30,000%.”
Also read: Dogecoin (DOGE) Price Forecast: What to Expect in the Coming Months – 27 June 2024 (AI Analysis)
Kaleo added that the duration of its current movement is “within a similar range to its previous two sideways ranges prior to breaking out.” He added that each surge took between eight to nine months after Bitcoin’s halving to materialize, noting we’re just two months past the recent halving.
Per his words, a potential breakout for DOGE could occur between December of this year and February 2025, but not before a potential downturn that would see DOGE move back down to the $0.08 or $0.1 mark, as a similar trend break with a 30% drawdown occurred in 2020, he wrote.
Another popular analyst, BigMike, recently suggested that the price of Dogecoin could reach the $1 mark as well, basing his prediction on Elliot Wave Theory, a common tool for predicting future market fluctuations.
Ralph Nelson Elliott developed the Elliott Wave theory in the 1920s after he observed and identified “recurring, fractal wave patterns.” These fractal wave patterns are based on the psychology of the masses, with the Elliott Wave theory usually being interpreted based on five waves moving in the direction of a main market trend, which can be bullish or bearish, and by three corrective waves.
The repetition of these patterns, theory suggests, allows the movements of asset prices to be predicted. The theory is said to have gained notoriety when Elliott himself predicted the stock market bottom in 1935 after a 13-month correction.
Featured image via Unsplash.
