Benzinga - A cryptocurrency analyst on Thursday made a bold prediction regarding Dogecoin (CRYPTO: DOGE), suggesting that it could experience an extraordinary surge of over 27,000% and potentially reach $16, breaking its all-time highs.
What Happened: The analyst, who goes by the username AMINSHEYBANI, shared a chart on TradingView along with the caption “Doge to the moon.” According to the chart, DOGE’s price could potentially find support at $0.058.
Once it surpasses this level, the analyst believes that there is potential for a remarkable rally of 27,500%, with the price of DOGE soaring to as high as $16 at its peak.
The total supply of DOGE is 141.48 billion and it reaches a value of $16, its total market cap would be $2.26 trillion.
To compare this with other cryptocurrencies, we can look at the market caps of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). As of now, the market cap of Bitcoin exceeds $564 billion, while Ethereum’s market cap is around $189 billion.
If DOGE were to reach a $2.26 trillion market cap, it would surpass both Bitcoin and Ethereum in terms of market capitalization. However, it’s important to note that this is a highly unlikely scenario.
DOGE reached its all-time high of $0.7376 on May 8, 2021. This price increase amounted to a gain of more than 15,650% in just a matter of months. Shortly after reaching its all-time high, Dogecoin’s price experienced a significant drop. This drop was attributed in part to a “sell the news” response, which followed Elon Musk’s appearance on the popular Saturday Night Live TV show in the United States
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Why It Matters: Just last week, Crypto analyst Ali indicated that Dogecoin is nearing the apex of a multi-year descending triangle formation.
Ali on Saturday said, "A weekly candlestick close above $0.0835 could trigger the beginning of a new DOGE bull run, potentially toward $1.”
The descending triangle formation consists of a horizontal support line and a downward-sloping resistance line, creating a triangular shape. Breakouts from this pattern are closely watched by crypto traders and analysts to determine the future direction of the asset.
Ali notes the $0.0482 support level “as any sign of weakness around this level could lead to a new yearly low."
Price Action: At the time of writing, DOGE was trading at $0.058 up 1.31% in the last 24 hours, according to Benzinga Pro.
Photo by milan2102 on Shutterstock
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