A crypto dealer and analyst is expressing an total bullish outlook on Dogecoin (DOGE) because the memecoin consolidates.
Pseudonymous analyst Altcoin Sherpa tells his 11,300 YouTube subscribers that DOGE may finally escape and soar to as excessive as $0.50.
Nonetheless, the analyst warns that DOGE has a comparatively massive market cap that might restrict its upside potential. He additionally says DOGE could possibly be outperformed by different memecoins, together with Pepe (PEPE), Bonk (BONK) and dogwifhat (WIF).
“I do really assume that DOGE will finally go take a look at a few of these increased ranges. I feel $0.35 to $0.40 are definitely potential. At the same time as excessive as possibly $0.50 is feasible as effectively. However DOGE might need the issue the place it’s simply too massive at this level… the place retail members may simply really feel DOGE is simply too costly from a market cap perspective and simply may need to be betting on one thing like Pepe or WIF or Bonk or all of those different varieties of massive cap memes the place there’s nonetheless ample liquidity, however the upside is simply larger. So DOGE might need that problem.”
The analyst says that total DOGE has a wholesome market construction and that the memecoin may consolidate across the $0.12 degree for some time longer earlier than breaking out.
“You recognize, it nonetheless appears to be like fairly good… I feel that DOGE is simply going to cut round however finally, it’ll do fairly effectively for my part.”
DOGE is buying and selling for $0.11 at time of writing, down almost 4% within the final 24 hours.
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