Emily Walker
A recent analysis of Dogecoin’s price trajectory suggests that the leading meme cryptocurrency could potentially hit an all-time high of $4. A prominent crypto analyst believes this price target could be within reach if Dogecoin sustains its position above a vital support threshold of approximately $0.35. The analyst attributes the predicted price increase to various factors, including the continuous backing from Tesla CEO Elon Musk, which they believe could act as a significant catalyst for a DOGE price surge.
Dogecoin Poised for a $4 Surge
An analyst known as ‘Goldbug’ on TradingView has forecasted that the price of Dogecoin could reach $4 if Musk’s support continues. This endorsement from the CEO of SpaceX is viewed as a key factor that could uplift the value of the meme coin.
Recently, Dogecoin has surpassed resistance levels and is now in a consolidation phase, suggesting that further upward movement could be on the horizon. The analyst indicated that they entered a long position in Dogecoin when its price hovered around $0.16 to $0.17, anticipating an upward trajectory.
Goldbug has pinpointed a critical support level at $0.20, where Dogecoin is expected to stabilize. If it can stay above the $0.35 mark, the analyst believes a sustained bullish trend could emerge, potentially leading the price closer to the $4 target.
The TradingView analyst has noticed that the market patterns for Dogecoin often repeat, suggesting that analyzing past trends can provide insight into the future price behavior of the meme coin. Sharing a historical price chart that illustrates Dogecoin’s rise during the 2021 bull market, Goldbug noted that the current setup is similarly bullish. He highlighted that once Dogecoin breaks through previous highs and experiences a notable upward shift, reaching the $4 target would become increasingly likely.
While anticipating a possible rise in Dogecoin’s value, Goldbug has mentioned plans to increase his DOGE holdings. He urges investors and traders to secure their positions ahead of the expected price boost, emphasizing that the $4 target is indeed attainable for Dogecoin.
Analyst States That Most Altcoins May Decline
In his analysis on TradingView, Goldbug admitted that his preference for Dogecoin stems from Musk’s influence. He noted that, apart from Bitcoin, Dogecoin was the only altcoin in which he has invested. The analyst expressed doubt about the viability of other altcoins in the market, warning that the majority are likely to lose value over time, with only a few expected to endure.
Goldbug believes that Dogecoin has the potential to be one of the surviving cryptocurrencies, with Musk’s support being a primary advantage. Combined with its expanding community and rising adoption rates, Dogecoin has solidified its position among leading cryptocurrencies. Moreover, the TradingView analyst forecasts significant declines for most altcoins, potentially leading many to become worthless in the future.