Popular analyst Ali Martinez says Dogecoin is currently mirroring price action from the year 2020. At the time, the currency’s price shot up by 28,770 percent. According to the graph by Martinez, the same pattern could now result in an 11,541 percent increase for Dogecoin.
Dogecoin price through the roof?
That increase would result in a Dogecoin price of more than 10 dollars. This would give the memecoin a gigantic market cap and that seems almost impossible at the moment.
Dogecoin currently has a market cap of $12.26 billion. If the price went to $10, it would have a market cap of more than $122 billion. That doesn’t seem to fit a memecoin at all.
To illustrate, this would give Dogecoin more than half the market cap of McDonald’s ($215.97 billion).
In that respect, Martinez’s prediction does not seem entirely realistic. But on the other hand, no one would have dared to predict years ago that the memecoin would have a market cap of $12.26 billion today.
Also bullish on Dogecoin rival
The trader also keeps a close eye on the price of Dogecoin rival PEPE. According to Martinez, PEPE is on the verge of a breakout after a bullish head-and-shoulders reversal pattern.
“You know where PEPE is going! $0.00000166 first and then $0.00000274. Send him up!”, said an enthusiastic Martinez.
Ali Martinez bases his predictions for the memecoins mainly on technical analysis. However, don’t forget that they also need Bitcoin increases to perform well.
If Bitcoin experiences a severe correction before the halving or continues to struggle in this way, then we will have to see how things go with the meme coins.
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Source: https://newsbit.nl/analist-dogecoin-koers-kan-11-500-stijgen/
