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2024-06-08 22:00:06

Dogecoin Price Prediction: Analyst Forecasts Meteoric 21,700% Rise To $17, Here’s When

Crypto analyst Javon Marks has made an ultra-bullish prediction for the Dogecoin price in this bull run. The analyst claims that the foremost meme coin could attain such ambitious heights based on its performance in previous market cycles. Dogecoin To Rise As High As $17 In This Bull Run Marks shared a chart on his X (formerly Twitter) platform in which he predicted Dogecoin could enjoy a 21,700% price gain and rise to $17. The analyst made this forecast based on Dogecoin’s historical breakout trend, in which the meme coin has had larger runs in every subsequent bull run. Related Reading: Is A Bitcoin Crash Below $50,000 Still Possible? Crypto Analyst Shares The Possibilities During the 2017 bull run, Dogecoin is known to have enjoyed a price gain of over 7,100%, while the meme coin made a price move of 22,800% in the 2021 bull run. As such, Marks believes Dogecoin will make a larger run in this bull run than the one in 2021, making the rise to $17 feasible. However, some of his followers believe that it is unlikely that Dogecoin will rise to such heights since, based on its current circulating supply, that would give the meme coin a market cap of over 2 trillion. As such, that has put a question mark on Marks’ ambitious price prediction, given how much the crypto market will need to explode before DOGE can have such a market cap. However, other crypto analysts like Kevin (formerly Yomi OG) have shared bullish price predictions for Dogecoin, although nothing compared to Marks’. Kevin predicts that the foremost meme coin could rally to over $3 in this market cycle. He made this prediction while alluding to Dogecoin’s price action in previous cycles. The analyst claimed that Dogecoin has never failed to meet or surpass the 1.618 Macro FIB extension measured from previous bull market highs to bear market lows—Dogecoin’s current 1.1618 FIB level is said to be at $3.80, meaning that it could rise to this price level in this bull run. More Bullish Narratives For DOGE Kevin revealed in a recent X post that Dogecoin is creating “massive bullish divergence on the weekly Stoch RSI (Relative Strength Index).” He also noted that Dogecoin is currently forming a higher low and added that the last time DOGE was at $0.08, the last time it crossed bullish. Based on this, he claims big moves are on the horizon for the foremost meme coin. Related Reading: Inverted Hammer Appears On The XRP Price Chart, Crypto Analyst Picks First Target Of $0.75 Crypto analyst Crypto Kaleo also recently predicted that Dogecoin will outperform Bitcoin in this market cycle. He further remarked that this is a meme supercycle and that the “king of memes” would not be left behind. In another X post, he claimed that Dogecoin looks ready for that parabolic move to the upside. Featured image created with Dall.E, chart from Tradingview.com