A well-liked crypto dealer believes dog-themed digital asset Dogecoin (DOGE) may skyrocket greater than 6x the present worth.
The pseudonymous analyst generally known as Altcoin Sherpa tells his 209,800 followers on the social media platform X that DOGE may hit the $1 degree with assist from one of many memecoin’s greatest cheerleaders, billionaire Elon Musk.
Musk’s public present of help for DOGE, which some consider he’ll combine into X as a fee perform at some point, has coincided with large rallies.
Nonetheless, the dealer warns the timing of his prediction is unsure and will take months.
“DOGE: some random notes on this one:
-I believe that this does one thing silly, like go to $1-plus or one thing. It’s obtained an excessive amount of firepower with Elon and continues to be king meme.
-When this occurs? I do not know. Could possibly be now, could possibly be six months from now.
-It received’t provide the identical returns as 2021 given market cap.
-This can be a *comparatively* protected commerce for my part (IMO). Like I believe the probabilities of this doing a number of x is kind of excessive. Is it going to be higher danger to reward ratio than longing different stuff like SOL? I don’t know. Go as far down the danger curve as you need.”
The dealer can also be carefully watching whether or not DOGE can flip two key resistance ranges into help at $0.20 and $0.35, which might assist affirm his bullish stance.
“The chart appears nice for my part. Chopped for 650 days after which exploded up. $0.20 and $0.35 are the following fascinating areas up.”
DOGE is buying and selling for $0.15 at time of writing, up 5.6% within the final 24 hours.
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