New York, NY – A crypto analyst has recently made a bullish case for Dogecoin, the popular meme coin, predicting that it could potentially rally to as high as $8.5. The analysis provided a detailed explanation as to why the price of Dogecoin could reach such an ambitious target. The analyst, known as EWT, shared insights on the potential surge in the Dogecoin price based on their examination of the coin’s daily chart.
According to EWT’s prediction, Dogecoin could see a significant rally to $8.5 as indicated by the current price action, suggesting that the meme coin is in a subwave set-up. The analyst’s chart further illustrated the possibility of Dogecoin correcting to $1.2 before reaching the $6 mark. Following this corrective move, EWT forecasted another impulsive uptrend that could propel Dogecoin to the $8.5 price target by Wave 5, with the potential for surpassing this target and reaching double digits.
EWT had previously advised market participants to anticipate notable movements in Dogecoin’s price this year while analyzing the coin on a larger time frame. The analyst’s chart from that time indicated that Dogecoin could potentially reach $20 or even $45 if it breached the upper boundary of an ascending channel, suggesting that the coin’s bullish momentum may not have peaked yet.
In a separate ultra bullish outlook for Dogecoin, crypto analyst DOGECAPITAL projected that the meme coin could rally above $10 in the current market cycle. The analyst highlighted that Dogecoin’s weekly candle had been holding above a parallel line level, similar to behavior seen in previous market cycles. DOGECAPITAL’s analysis pointed towards a potential surge in Dogecoin’s price towards the range between $2 and $5, marking the beginning of the second phase as the coin moves closer to his target of the parallel red zone, with a minimum target set at $26.
As of the latest data from CoinMarketCap, Dogecoin is trading at approximately $0.19, experiencing a slight decrease in value over the last 24 hours. The ongoing analyses and predictions point towards a potentially bullish future for Dogecoin, with various experts anticipating further price increases and potential new all-time highs in the coming market cycles.