Analyst Says Get Ready As Dogecoin Enters ‘Expansion Stage’, Can DOGE Reach $12?
June 05 2024 - 7:00PM
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Dogecoin is one of the cryptocurrencies getting a lot of interest
from analysts recently. With meme coins expected to outperform once
again during this bull cycle, crypto analyst Crypto Kinfolk has
pointed out where the Dogecoin price could end up as this bull
cycle manifests. Dogecoin Enters Expansion Stage In an analysis
posted on the TradingView platform, crypto analyst Crypto Kinfolk
laid out a possible scenario that could see the Dogecoin price soar
from here. Starting out with a brief history, the crypto analyst
highlighted how far the meme coin has come since being created back
in 2013 as a joke. Also, having such a long history has made it
possible for historical analysis to be drawn for the meme coin.
Related Reading: Crypto Analyst Forecasts A 4,000% XRP Price Run To
$30, Here’s When One of these historical analyses is how the price
of Dogecoin has performed in previous bull markets. In the last two
bull markets, meaning the 2017-2018 and 2020-2021 bull markets, the
DOGE price saw massive gains of 21,000% and 50,000%, respectively.
Given this, a continuation of this trend could suggest that the
meme coin could outperform in another bull market. As Crypto
Kinfolk points out, Dogecoin has created a habit of mimicking its
performance from the last bull cycle. So if there is a repeat, then
this bull cycle could be just as explosive as the last, leading to
what the analyst calls “a mind melting bull run.” Can DOGE Price
Rise To $12 This Bull Cycle? Pointing to the chart, Crypto Kinfolk
explains that Dogecoin has finally completed its bear market trend,
which is now giving way for recovery. More importantly, the meme
coin is breaking out of accumulation, something that is
historically bullish for price. As a result of this, the crypto
analyst believes that the DOGE price has now entered an “expansion
stage.” In this expansion stage, the meme coin is expected to
outperform, and even if it replicates just a small percentage of
its previous bull runs, its price could quickly rise to
unprecedented levels. The first target put forward by the analyst
in this stage is $4.20. Hitting this first target would mean an
almost 2,500% increase from its current price level of $0.1626 at
the time of writing. However, the analyst does not stop there,
expecting further outperformance from the meme coin. The second
target is a 6,100% increase to hit the $10.10 level. Last but not
least, the third target was placed at $12, representing an expected
7,200% increase in price. Related Reading: Crypto Pundit Shares
“Inevitable” Prices For Bitcoin And 5 Altcoins “With rumors
shooting around the internet that Elon may add DOGE as the local
currency for the X platform and this being a real possibility, I
think it is counterproductive to think these type of gains are not
in the cards,” Crypto Kinfolk concluded. Featured image created
with Dall.E, chart from Tradingview.com
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