Cryptographic analyzer Slow growing trader He highlighted the similarity between Dogecoin’s price action and that of 2020. The analyst also revealed what happened the last time this pattern formed on the Dogecoin chart and what to expect.
Dogecoin price sees bi-monthly rise to 2020 levels
In X’s post, Trader Tardigrade revealed that the price of Dogecoin is updated every two months RSI (Relative Strength Index) It rose to levels last seen in 2020. The analyst further noted that this was happening right before the massive uptrend. In line with this, the three semi-monthly candles are expected to be huge for Dogecoin.
The accompanying chart of the analyst showed that massive giant candles followed when the RSI for Dogecoin price rose to these levels in 2020. This eventually paved the way for Dogecoin to reach its current level All time high (ATH) From $0.73. Interestingly, the Trader Tardigrade chart showed that the price of Dogecoin could rise to $44 this time.
Such a parabolic move would be possible if Dogecoin price repeats its gains of over 26,000% in 2021. Besides Trader Tardigrade, some other cryptocurrency analysts also gave very bullish forecasts for Dogecoin price this week.
Cryptographic analyzer Ali Martinez mentioned That the price of Dogecoin may rise to $23 in this market cycle. He explained that this could happen if the DOGE index rises to 1.1618 or even 2.272 Fibonacci levels. The analyst also noted that the world’s richest man, Elon Musk, could be contributing to this price hike.
Cryptocurrency analyst Olivier also predicted that Dogecoin price could rise to $32 in this uptrend. The analyst is confident that this deterministic rise can happen given that there are expectations that Bitcoin price can It rises to $1 million.
DOGE’s growth potential compared to Bitcoin
Cryptographic analyzer Master Kenobi It recently analyzed Dogecoin’s price growth potential compared to Bitcoin. In X’s post, the analyst noted that Bitcoin has already achieved a 5x rally from the market bottom, while Dogecoin has only managed 4x so far. He also pointed out that BTC’s market cap is $1.5 trillion, while DOGE’s market cap is $29 billion, which represents a 51 times difference between this market cap.
After making these points, Master Kenobi highlighted Dogecoin’s price growth potential. He claimed that Dogecoin’s market cap could increase 10-fold from this point and rise to $290 billion, which would put DOGE’s price at $2. At the same time, expect that Bitcoin price It will only rise twice from this point to $150,000, achieving a market cap of $3 trillion.
At the time of writing, Dogecoin price is trading at around $0.2, up more than 3% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com