Dogecoin’s double-digit price remains a dream for its diehard community, despite the meme coin failing to reach $1 so far. However, expectations that Dogecoin will eventually cross $10 remain high as one analyst has cited reasons behind the largest meme coin by market cap surging more than 7,200%.
Dogecoin is poised to break records
Cryptocurrency analyst Javon Marks has taken to X (formerly Twitter) to… Involved An interesting development on the Dogecoin chart. Marks points out that a Log breakout could be on the horizon for the meme coin, which could lead to a massive price surge.
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The reason analysts are optimistic about the record breakout is because of what happened to Dogecoin the previous two times it appeared. The first time DOGE’s record breakout was completed was during the bull market of 2017 and 2018. This resulted in a 9,472% price increase, taking Dogecoin’s price from a low of $0.0002 to a high of $0.01858.
On the other hand, in the 2020-2021 bull market, Dogecoin underwent another breakout, this time leading to a more significant surge than before. This was the legendary 28,882% surge in 2021 when Dogecoin’s price rose from $0.0012 to nearly $0.74.
Given this historical performance and considering that such breakouts often coincide with their previous appearance, the crypto analyst believes that Dogecoin price is set to undergo another major surge soon.
How high can DOGE go?
In his analysis, Marks gave his own predictions for the price of Dogecoin if the Log Breakout is completed. According to the chart shared in the X post, Marks expects at least a 7,200% increase in the price of DOGE from the current level. This would put the meme coin above $10 for the first time in history.
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The crypto analyst explains that each breakout has led to a bigger spike than the previous one, so this could mean that the DOGE price could rise. However, with Dogecoin’s market cap already large, it could be difficult to resist such massive spikes from here.
In addition to Dogecoin, Shiba Inu is another popular cryptocurrency that crypto analysts trust. In a previous article analysisMarks noted that the second-largest meme coin by market cap has confirmed a hidden bullish divergence. Accordingly, he expects Shiba Inu price to surge 354% from its current level to reach an all-time high of around $0.000081.
Featured image created using Dall.E, chart from Tradingview.com
