Dogecoin (CRYPTO: DOGE) could rise 500% from its current price level, according to technical analysis from a popular crypto trader.
What Happened: The trader, who goes by the Twitter (NYSE:TWTR) username “SmartContracter” highlighted the meme coin’s two-month accumulation breakout with adequate volume levels as an indicator of DOGE’s strength.
2 month accumulation breakout on $doge with decent volume.probably a decent set and forget play tbh pic.twitter.com/FWOUUZGygI
— Bluntz (@SmartContracter) August 16, 2022
In doing so, DOGE would reclaim a price level above $0.523, as per the trader’s analysis.
yeh i personally think it has a real shot of doing what btc did in 2019.i reckon alot of people deep down inside are thinking it, just not many ppl want to say it rn for fear of sounding like a crazy person pic.twitter.com/k3ikGmCe9B
— Bluntz (@SmartContracter) August 17, 2022
According to the trader, a lot of people are likely thinking the same but not saying it out loud.
See Also: HOW TO BUY DOGECOIN (DOGE)
On Tuesday, DOGE surged 17% to an intra-day high of $0.088 leading to over $7.3 million liquidations in a single day.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga