According to crypto analyst Cantonese Cat, Dogecoin (DOGE) may be in for a spectacular rise. Although the memecoin experienced a quieter period after the strong growth in early November, the analyst sees potential for a value increase of no less than 5,800%. In his technical analysis, he predicts that DOGE could rise to a price of $24.
Fibonacci analysis supports bullish forecast
The analyst bases his forecast on the Fibonacci analysis and highlights that Dogecoin finds strong support around the 0.786 Fibonacci level. He compares the current market situation to 2021, when DOGE rose from a similar level to an all-time high (ATH) of $0.74. Based on this analysis, he sees an upside move towards the 2,272 Fibonacci extension, which would mean a price target of $24.
Realistic or unattainable?
A Dogecoin price of $24 would result in a total market capitalization of more than $1.4 trillion. By comparison, Ethereum (ETH) currently has a market cap of $472 billion. This prediction therefore raises the question of whether such a valuation is realistic.
Nevertheless, Cantonese Cat emphasizes that Dogecoin has a lot of potential to rise further. Macro expert Raoul Pal shares this optimism, comparing DOGE’s current situation to XRP’s surprising rally, which rose more than 500% in a short time.
Breaking out of a falling wedge pattern
According to Pal, Dogecoin recently broke out of a falling wedge pattern, a classic bullish signal. This indicates that DOGE may be in a new phase of growth. Other analysts, such as Mikybull, also see potential. Mikybull predicts that Dogecoin could break the $1 barrier in the short term, an increase of about 150% from its current value.
Conclusion
Although the $24 price prediction for Dogecoin seems ambitious, it is clear that the memecoin is in a bullish phase. With strong technical signals and optimism from several analysts, Dogecoin remains an interesting crypto to keep an eye on.
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Source: https://newsbit.nl/analist-mega-bullish-op-dogecoin-en-verwacht-koers-van-24/
