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- Crypto analyst Dogecoin Rise has sparked a wave of excitement on X suggesting that DOGE is primed for a major breakout and could potentially skyrocket by 10,000% in the near future.
- Dogecoin is currently trading 54.20% lower than its all-time high of $0.7316, a peak that was reached in May 2021 during a period of significant market excitement.
Dogecoin (DOGE), the dog-themed cryptocurrency that started as a meme in 2013, is once again making waves in the crypto space. Dogecoin Rise, a crypto analyst on X, has predicted that DOGE, based on historical trends and its recent market behavior, will surge by 10,000%.
By analyzing DOGE’s six-month chart, Dogecoin Rise identified patterns of consolidation followed by explosive breakouts, a trend that has been consistently observed.
In the 2015-2018 market cycle, Dogecoin saw a rise of 3,284.93%, reaching a price of $0.01838. This surge followed a period of consolidation in which the meme cryptocurrency gained increasing attention and traction. But the real fireworks came in the 2018-2021 cycle, when Dogecoin skyrocketed by an incredible 8,025.24%, peaking at an all-time high of $0.72995.
Here’s Why a 10,000% Surge is a Possible Scenario
Following the COVID-19 pandemic, the cryptocurrency market faced considerable volatility, and Dogecoin was no exception. After the market crash, Dogecoin made a recovery, approaching the Fibonacci 0.618 resistance level, which was pegged at a price of $0.0120 in early January 2021. However, this level proved to be a formidable barrier, triggering a subsequent price drop. Throughout this correction, Dogecoin found reliable support at the Fibonacci 1.618 level, which at that time was $0.00726.
After successfully testing this support level, DOGE initiated a second bullish rally. It surpassed the Fibonacci 0.618 level and eventually soared to its all-time high in May 2021, marking a staggering 6,066% increase from its previous resistance level.
Fast forward to today, a similar pattern is unfolding, and Dogecoin has once again found support at the Fibonacci 1.618 level, now situated at $0.3193. Should history repeat itself, a surge toward the Fibonacci 0.618 resistance level appears likely, potentially igniting another breakout. If we base predictions on the 6,066% rise seen in 2021, Dogecoin’s price could reach around $29 in this next bullish phase.
While forecasts of a 10,000% spike in Dogecoin’s price may seem ambitious, on-chain analyst Ali Martinez has also laid out a compelling case for this rally. Martinez also notes that Dogecoin surged 10,000% in 98 days during the 2021 bull market and suggests current bullish conditions could lead to a similar surge. The analyst has also reported that whales took advantage of the recent price dip, accumulating a staggering 460 million Dogecoin.
Despite the price decline of 2.30% over the past week, Dogecoin is outperforming the global cryptocurrency market, which is down 3.50%. As of now, DOGE is trading at $0.3354, reflecting an 8.09% increase in the past day.
