Dogecoin Price Outlook: Could $12 DOGE be Possible According to TradingView Analyst?
Joel Frank
Last updated:
June 6, 2024 15:06 EDT
|
2 min read
The Dogecoin (DOGE) price is currently hovering around $0.16, in proximity to its 21-day moving average, prompting speculation among investors about the potential for a surge to $12 following an optimistic prediction by a TradingView trader.
Crypto_Kinfolk, a user on TradingView, highlighted that Dogecoin has experienced two significant price surges in its history. The cryptocurrency witnessed gains of “over 21,000% between 2015 and 2017,” followed by “over 50,000% gains during the 2020/2021 crypto bull market.”
According to Crypto_Kinfolk, Dogecoin has historically followed a pattern of bear markets, accumulation phases, and explosive bull runs. The trader believes that the current market conditions indicate that Dogecoin has completed the bear market phase and is now breaking out of accumulation.
His price targets for Dogecoin include $4.20, $10.10, and $12, with the possibility of Elon Musk adopting DOGE as the primary currency for the X platform adding further fuel to the potential price surge.
The current Dogecoin price is within the range of $0.12-22 over the past three months, with indicators pointing to a lack of clear bullish or bearish momentum. However, with Bitcoin approaching yearly highs and other cryptocurrencies performing well, Dogecoin could soon catch up.
If Dogecoin were to reach $12, it would represent gains of approximately 75 times from its current levels, making it an attractive investment option. However, given Dogecoin’s already substantial market cap of $23.3 billion, some may question the feasibility of a 75x increase.
While investing in new meme coins before they gain popularity can potentially yield significant gains, it is a risky strategy with no guarantee of success. One such meme coin with promising potential is PlayDoge (PLAY), which offers play-to-earn utility through a mobile-based game.
With the crypto presale already raising close to $2.7 million and launching with a modest market cap of under $50 million, PLAY could be a standout performer in the meme coin space. However, investors should exercise caution when investing in high-risk assets like cryptocurrencies.
Disclaimer: Cryptocurrencies are highly volatile assets, and this article is for informational purposes only and should not be construed as investment advice. Investors could potentially lose all of their capital.