Cryptocurrency analyst Tardigrade dealer highlighted the similarity between Dogecoin’s price action and the price action seen in 2020. The analyst further revealed what happened the last time this pattern formed on the Dogecoin chart and what to expect.
The price of Dogecoin increases every two months to its 2020 level
In a post, X Trader Tardigrade revealed that Dogecoin is priced every two months RSI (Relative Strength Index) rose to levels last seen in 2020. The analyst further noted that this occurred just before a massive bull run. In line with this, I predict that three two-month candles will be huge for Dogecoin.
The attached analyst chart showed that Dogecoin RSI price rose to this level in 2020 and was followed by huge giant candles. This ultimately paved the way for Dogecoin to reach its current level highest level ever (ATH) amounting to USD 0.73. Interestingly, Trader Tardigrade’s chart showed that the price of Dogecoin may enhance to as much as $44 this time.
Such a parabolic move will be possible if the Dogecoin price repeats its over 26,000% surge in 2021. In addition to Trader Tardigrade, several other cryptocurrency analysts also made extremely positive predictions for the Dogecoin price this week.
Cryptocurrency analyst Ali Martinez mentioned that the price of Dogecoin may enhance to as much as $23 in this market cycle. He explained that this could happen if DOGE reaches the Fibonacci level of 1.1618 or even 2.272. The analyst also suggested that the world’s richest man, Elon Musk, could contribute to this price enhance.
Cryptocurrency analyst Olivier also predicted that the price of Dogecoin could rise to as much as $32 in this bull market. The analyst is confident that this parabolic rally may occur as there are predictions that Bitcoin price maybe enhance to $1 million.
DOGE’s growth potential compared to Bitcoin
Cryptocurrency analyst Kenobi’s master I recently analyzed the price growth potential of Dogecoin compared to Bitcoin. In post X, the analyst noted that Bitcoin has already reached 5 times the market bottom, while Dogecoin has only managed 4 times so far. He further noted that BTC’s market cap is $1.5 trillion while DOGE’s is $29 billion, which is a 51x difference between these market caps.
After presenting these points, Master Kenobi emphasized the potential for Dogecoin to enhance in price. He claimed that Dogecoin’s market capitalization could grow 10-fold from here to reach $290 billion, which would push DOGE’s price to $2. Meanwhile, it predicts that Bitcoin price from that point on, it will only double to $150,000 and reach a market capitalization of $3 trillion.
At the time of writing, Dogecoin is trading at around $0.20, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
