Analyst is mega bullish on Dogecoin and expects a price of 24 USD

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According to crypto analyst Cantonese Cat, Dogecoin (DOGE) could be on the verge of a spectacular rise. Although the memecoin experienced a quieter phase after strong growth in early November, the analyst sees potential for an increase in value of up to 5,800%. In his technical analysis, he predicts that DOGE could rise to a price of 24 USD.

Fibonacci analysis supports bullish forecast

The analyst bases his prediction on Fibonacci analysis and highlights that DOGE finds strong support at the 0.786 Fibonacci level. He compares the current market situation with that of 2021, when DOGE rose from a similar level to an all-time high (ATH) of $0.74. Based on this analysis, he sees an upside move towards the 2.272 Fibonacci extension, which would imply a price target of $24.

Realistic or unrealistic?

A DOGE price of $24 would result in a total market capitalization of over $1.4 trillion. For comparison, Ethereum (ETH) currently has a market capitalization of $472 billion. This forecast therefore raises the question of whether such a valuation is realistic.

Nevertheless, Cantonese Cat emphasizes that DOGE has great potential to continue rising. Macro expert Raoul Pal shares this optimism and compares DOGE’s current situation with XRP’s surprising rally, which rose more than 500% in a short period of time.

Breakout from a falling wedge pattern

According to Pal, DOGE recently broke out of a falling wedge pattern, a classic bullish signal. This suggests that DOGE may be entering a new phase of growth. Other analysts like Mikybull also see potential. Mikybull predicts that Dogecoin could break the $1 mark in the short term, which represents an increase of about 150% from the current value.

Conclusion

Although the prediction of a $24 DOGE price seems ambitious, it is clear that the memecoin is in a bullish phase. With strong technical signals and optimism from several analysts, Dogecoin remains an interesting cryptocurrency to watch.

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Margharet Tess

Editor, Developer at Cryptheory Labs

I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com

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