Dogecoin price could be on the verge of breaking out of a six-day consolidation as an analyst predicts an epic surge in 43 days, noting that “this is the last opportunity”. The prediction comes as the DOGE price stagnates below $0.1499 in what could be a bull flag pattern. As investors eagerly await the next big move, which could come sooner than expected, the question remains: Will the price of DOGE spike in 43 days?
DOGE price hovered around $0.1399 during the London trading session, an increase of 0.3% in the last 24 hours. The uptick comes amid Bitcoin’s retest of the $69,000 resistance level, which, if broken, could spark a surge in crypto prices.
Dogecoin Price About To Repeat History
A crypto analyst has warned that there is limited time before Dogecoin embarks on its next leg up. This final opportunity, he says, ends in approximately 43 days.
He arrived at this conclusion by comparing the 2020-2021 patterns to those projected for 2024, which showed that the DOGE price could surge 1,800% in the next two months. Such a move would put the Dogecoin price around $2.5, swelling the Dogecoin market cap to an unprecedented $388 billion.
However, the analyst warned that he expects red days to come first, a final opportunity to buy before the next pump.
Can DOGE Pull 19X In Two Months?
The chances of the analyst’s prediction coming true hinge on several factors, including the upcoming U.S. elections and the potential winning of Donald Trump.
Dogecoin has been a focal point intertwined with the ongoing election campaigns following Elon Musk’s suggestion that Trump form a Department of Government Efficiency (D.O.G.E) if he enters office.
This development sets up the Dogecoin price as a ticking time bomb that could go off if Trump wins the elections.
According to the world’s largest prediction market, Polymarket, Trump is leading Harris by 63.7% to 36.2%. Musk joked in a tweet, saying Trumps percentage “must reach 69%”.
It must reach 69%, as foretold in the prophecy https://t.co/oR8p1ZiRha
— Elon Musk (@elonmusk) October 22, 2024
These results fuel Dogecoin investors’ hopes of a Trump win, and subsequently a once-in-a-lifetime DOGE price explosion.
DOGE Price Analysis: All Eyes On $0.22
Dogecoin price forecast shows the asset is currently consolidating downward in a pullback style after hitting a new four month high. The price action shows the correction may extend to $0.13 before bouncing and surging higher.
The U.S. Elections are due in 10 days and this could be the period of red days the analyst predicted.
The next major resistance for DOGE price is around $0.17, followed by it previous yearly high of $0.22. Beyond that Dogecoin may surge back to all-time high and then to $2.65.
To invalidate this bullish thesis, bears must push the price of DOGE below $0.13, which will send it back into a potential consolidation zone, bouncing between $0.1 and $0.13.
Frequently Asked Questions (FAQs)
The upcoming U.S. election could impact the Dogecoin price, as some investors believe a win for Donald Trump might increase interest in crypto. Elon Musk’s joking suggestion of a “D.O.G.E” government department has also fueled speculation about potential links between Dogecoin and the political landscape.
Yes, the analyst expects a period of “red days” before a potential rally, suggesting a final buying opportunity. Dogecoin could pull back to support around $0.13 before a significant breakout.
Some analysts believe that if Dogecoin breaks out, it could rally up to 1,800%, potentially reaching around $2.5. However, short-term resistances at $0.17 and $0.22 are also being monitored.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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