Pseudonymous crypto analyst Trader Tardigrade has published a bullish outlook for the most popular meme-themed cryptocurrency, Dogecoin, for this year.
The trader believes that, powered by the current bullish reversal on the crypto market, Dogecoin could go up and reach levels close to $2 per coin.
Dogecoin may target $1.60, per analyst
Trader Tardigrade shared a DOGE/USD chart with a classic example of fractal analysis. The trader spotted a recurring pattern over the past decade, and he told the crypto community that the likelihood of similar explosive Dogecoin growth occurring again is high this year.
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The trader identified the “bullish breakdown” pattern on the chart. A breakdown shows an asset’s price falling below a support line and, thus, showing a bearish sign. The chart shows that before every tremendous bull run staged in 2017 and 2021, the meme coin’s price briefly went down below the local support level. Crypto analysts usually believe that during such price dips, the market shakes out “weak hands” and short-sellers before it starts going up again, leaving those behind.
$Doge/monthly
Breakdowns on the monthly chart = Bullish Sign 🔥 pic.twitter.com/3ZiH33539P
The analyst’s chart shows that a similar breakdown is taking place at the moment, with DOGE trading at a support zone around $0.07-$0.09 after a 3.4% surge over the past 24 hours. The expected breakout this year, according to Trader Tardigrade, is $1.60 and $2.20. This would significantly exceed Dogecoin’s all-time high of $0.70 reached in May 2021.
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However, the community should bear in mind that in order to stage a massive price increase like that, the market capitalization value of the meme coin needs to surge from the current $15.68 billion to a mammoth $230 billion. This is close to the market cap of Ethereum, which currently sits at $250 billion. A great amount of new capital will have to flow into Dogecoin, which makes the aforementioned scenario rather unrealistic.
Besides, in 2021, DOGE hit an ATH largely thanks to Elon Musk’s support, which gave DOGE a lot of publicity, including Musk’s debut on the national U.S. TV show Saturday Night Live.
Meanwhile, recently launched Dogecoin ETFs have broken a no-flow streak that lasted for the past 30 days, according to data shared by SoSoValue. As of March 2, those ETFs have inhaled $779,000 from institutional investors.
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