Dog-themed crypto Dogecoin (DOGE) has continued to hold immense potential despite the crypto market struggling to put up an upward momentum. The crypto which is ranked number #8 based on market capitalization has recorded a surge of over 5% today.
According to crypto analyst Trader Tardigrade, the Dogecoin bullish falling wedge has neared a breakout. This prospects further surge in the price of DOGE. Based on Tardigrade’s analysis “$Doge often forms large Falling Wedges before the pumps.”
With DOGE breaking out of the falling wedge, the price could soar further. A top analyst has predicted that the price could hit $4 in the near future.
Ali Martinez Predicts DOGE to Rally Towards The $4 Price Mark
Top crypto analyst Ali Martinez has predicted that Dogecoin might rally towards the $4 price mark. Martinez based this prediction on Dogecoin’s position on the upper boundary of the Fibonacci retracement and trend channel.
Based on Martinez’s analysis, the 0.786 Fibonacci retracement level which sits at $0.19183 has acted as a strong support for Dogecoin. If price continues to push beyond the current level, it could reach $4.10 as shown by the 1.272 Fibonacci level. In an extreme uptick scenario, the price could surge to the $10.04 level as indicated by the 1.414 Fibonacci level.
In an earlier post, Tardigrade had also highlighted that “Doge may have hit the bottom and begun a new uptrend.” This further aligns with Ali Martinez’s prediction for Dogecoin to soar higher.
Dogecoin (DOGE) Price Analysis
The DOGE memecoin is trading at $0.2649 marking a 5.59% increase on the day. Its price moved from $0.2497 to $0.2589 before rebounding to the current price as seen on the daily chart.
The chart above also shows that trading activity around Dogecoin has slowed down slightly. This is depicted by the trading volume which has dropped by 2.83% to $1.44 Billion. Dogecoin’s market cap now stands at $39.2 Billion.
If Dogecoin manages to stay above $0.25, the prices could surge towards the $0.30 mark. Further surge could see prices reach the $0.5 level in the short-term. A surge towards $4 as predicted by Ali Martinez can only happen in an extreme scenario.
In case DOGE fails to stay above $0.25, a price drop below this level might lead to testing of the next key support at $0.19. Traders should keep an eye on the market to see what happens next.
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