Emily Walker
Crypto expert Trader Tardigrade has pointed out a pattern in Dogecoin’s price movement that resembles what occurred in 2020. The analyst also discussed the implications of this pattern and predictions for the future based on past events.
Dogecoin Price Hits Bi-Monthly Levels Seen in 2020
In a recent post on X, Trader Tardigrade noted that the bi-monthly RSI (Relative Strength Index) for Dogecoin has climbed to levels not seen since 2020, indicating a potential upcoming bull market. The analyst foresees that the next three bi-monthly candles could be significant for Dogecoin’s price trajectory.
According to the analyst’s chart, a noticeable rise in the Dogecoin RSI in 2020 was followed by substantial price increases, which ultimately led to Dogecoin reaching an all-time high (ATH) of $0.73. Notably, Trader Tardigrade’s analysis suggests that Dogecoin could soar as high as $44 this time if similar conditions occur.
This dramatic increase would require the same explosive growth seen during the 2021 bull run, where Dogecoin gained over 26,000%. Other analysts are sharing optimistic forecasts for Dogecoin this week as well.
Crypto analyst Ali Martinez stated that Dogecoin might surge to $23 in this cycle, predicting a rally towards the 1.1618 or even 2.272 Fibonacci levels, possibly boosted by the influence of Elon Musk, the world’s richest individual.
Another crypto analyst, Olivier, estimated that Dogecoin could climb to $32 during the current bull phase. This forecast is supported by expectations that Bitcoin might rise to $1 million.
Comparative Growth Potential of DOGE and Bitcoin
Crypto analyst Master Kenobi offered insights into Dogecoin’s growth compared to Bitcoin. In a post on X, he highlighted that while Bitcoin has increased fivefold since the market’s lowest point, Dogecoin has only risen fourfold. With Bitcoin’s market cap at $1.5 trillion and Dogecoin’s at $29 billion, there exists a significant disparity of 51 times between the two.
Master Kenobi expressed confidence in Dogecoin’s potential for growth, suggesting that its market cap could increase tenfold to reach $290 billion, pushing DOGE’s price to $2. In contrast, he believes that Bitcoin might only double, reaching $150,000 and a market cap of $3 trillion.
At the moment, Dogecoin’s price sits at approximately $0.2, reflecting a rise of over 3% in the past 24 hours, according to CoinMarketCap.