Altcoin Sherpa, a well-known pseudonymous cryptocurrency analyst, has made a bold prediction for Dogecoin ($DOGE), stating that the meme-inspired cryptocurrency could experience a remarkable surge of over 600%. This would potentially allow DOGE to reclaim the $0.50 mark, a significant increase from its current value of $0.0709. However, the analyst also warns that this growth may take some time to materialize, possibly leading long-term investors to explore other opportunities. Moreover, Sherpa cautions about the potential impact of other memecoins, like $SHIB and $PEPE, on DOGE’s momentum.
Sherpa supports their prediction with a chart analysis, showing DOGE’s breakthrough of resistance levels identified by exponential moving averages. The chart indicates that the cryptocurrency is currently retesting the 89-day EMA, which serves as a key indicator for identifying potential trend reversals. The last time DOGE traded above the $0.50 mark was in 2021, during a period of explosive search interest that triggered a massive 10,000% price rally. It’s important to note that Dogecoin started as a joke back in 2013 but has since gained a significant following.
$DOGE: A high probability/low IQ play is that you can just buy DOGE now and go into a coma and then wait for it to go to .30-.50 or even higher. It’s going to happen eventually.
-this could take a LONG time
-energy might go into SHIB or PEPE pic.twitter.com/Z4osBt0vxq
— Altcoin Sherpa (@AltcoinSherpa) July 18, 2023
Dogecoin’s Philanthropic Nature
One of the notable aspects of the Dogecoin community is its involvement in philanthropic projects. In 2014, DOGE made headlines when it raised over $25,000 to help the Jamaican bobsleigh team attend the Winter Olympics in Sochi. This charitable spirit has endeared Dogecoin to many supporters.
Potential Rally Similar to XRP
Another prominent cryptocurrency analyst, Michaël van de Poppe, has also shared positive sentiment about Dogecoin’s potential rally. He drew comparisons to the recent surge of $XRP, which rose over 65% after a federal judge in New York determined that XRP was “not necessarily a security on its face.” This ruling led to increased interest in the token and triggered a substantial price increase.
In conclusion, the cryptocurrency market continues to be filled with speculations and predictions, with Dogecoin receiving attention for its potential to surge over 600% and reclaim the $0.50 price mark. While analysts like Altcoin Sherpa express optimism, it’s crucial for investors to conduct thorough research and exercise caution before making any investment decisions in the volatile crypto space. As the market evolves, these price predictions may change, and it’s essential for traders to stay informed and vigilant.