Fun

$3 By January? Crypto Analyst Reveals Why The Dogecoin Price Is Primed For A Surge To $20

News Feed - 2024-11-17 09:11:29

Este artículo también está disponible en español.


Crypto analyst John Burr on TradingView has discussedthe potential for the Dogecoin price to reach $3 this market cycle. Driven by the positive sentiments from recent political events spearheaded by SpaceX and Tesla CEO Elon Musk, Burr has revealed that Dogecoin can not only reach $3 but could skyrocket to $20. US Politics Could Drive DOGE To $3


According to the TradingView analyst, the Dogecoin price could be preparing for a strong bull run to the $3 target. In his report, Burrs discussed the effects of political changes on the crypto market, underscoring the changes the recent US Presidential elections have had on the Dogecoin price.  Related Reading Analyst Says Bitcoin Has Entered The ‘Thrill’ Phase, Here’s What To Expect Next 21 hours ago


Based on its price chart, Burr claims that Dogecoin is repeating historical trendswhich signal an impending bull rally. The analyst also mentioned a correlation to Musk’s Department of Government Efficiency (D.O.G.E),hinting at future government actions or pro-crypto regulations indirectly impacting cryptocurrencies. Source: X


Moreover, Donald Trump’s upcoming inauguration ceremony as the 47th US President could also trigger the next bullish movement in the crypto market. As a result, Burr predicts that the Dogecoin price could surge to $3 on Inauguration Day.


Considering that Dogecoin is trading below the $1mark, the analyst has acknowledged that his bullish predictions for the meme coin could be wrong. He is focusing instead on the broader crypto bull market. He revealed that the market is currently at the beginning of the bull run, which gives Dogecoin more wiggle room for growth.


Burrs has revealed that to some analysts, a $3 price target for Dogecoin may be conservative as they have projected extreme targets around the $40 level by next year. The analyst noted that skeptical crypto experts are unlikely to forecast an ATH beyond $3 for the DOGE price, primarily citing market cap concerns. This suggests that the DOGE market capwill have to exceed that of significant cryptocurrencies, possibly surpassing Bitcoin before it can reach $40. 


This substantial price and market cap increase appears unattainable, as it would require a sustained, strong demand and investor interest in Dogecoin. However, due to its meme coin status and the frequent occurrence of negative market conditions, maintaining such extensive demand could pose a challenge for Dogecoin, which remains vulnerable to market fluctuations. Related Reading Bitcoin Volume Crashes 27% As Price Falls, What Does This Say About The Decline? 1 day ago Can The Dogecoin Price Reach $20?


In his TradingView post, Burr also highlighted the possibility of the Dogecoin price reaching new highs at $20. The analysts acknowledged his doubts about the feasibility of this ambitious price leap, which stands in sharp contrast to his earlier confidence in the $3 prediction for the DOGE price. 


A $20 target represents a massive price increase for Dogecoin, which is currently trading at $0.37. Dogecoin will have to experience price gains of about 5,300%, driven by extremely bullish conditions, favorable market sentiment, and widespread adoption. DOGE price drops to $0.37 | Source: DOGEUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com

News Feed

Virtual Panda BTM Launched for Colombian Residents: Dispenses BTC, BCH, DAI, and Dash
Virtual Panda BTM Launched for Colombian Residents: Dispenses BTC, BCH, DAI, and DashThe CEO of Panda Group and the founder of Colombia’s Panda Exchange and physical Panda BTM
BNB Token Burn: $1 Billion Of Tokens Sent To ‘Black Hole’ Address — Impact On Price?
Este artículo también está disponible en español. On Friday, November 1, the BNB Foundation announced the successful completion of the 29th quarterly burn by the BNB Chai
Ukraine’s Largest Bank Suspends Money Transfers to Crypto Exchanges
Ukraine’s Largest Bank Suspends Money Transfers to Crypto Exchanges Privatbank, the largest commercial bank in Ukraine, has temporarily halted transfers in national currency to d
Coinbase Files to Offer Cryptocurrency Futures and Derivatives Trading
Coinbase Files to Offer Cryptocurrency Futures and Derivatives Trading Cryptocurrency exchange Coinbase has filed an application with the National Futures Association (NFA) to offe
G7 to Discuss More Crypto Regulation and How to Help Developing Nations Introduce Central Bank Digital Currencies
G7 to Discuss More Crypto Regulation and How to Help Developing Nations Introduce Central Bank Digital Currencies The G7 countries are discussing more crypto regulation and ways to
Federal Reserve’s Major Policy Shift to ‘Push Up Inflation’ Could Send Bitcoin Price to $500K
Federal Reserve"s Major Policy Shift to "Push Up Inflation" Could Send Bitcoin Price to $500KThe U.S. Federal Reserve has announced a significant policy change to push up inflation.
Elon Musk Takes Control of Twitter, Fires CEO and CFO — Says He Buys Twitter ‘to Help Humanity’
Elon Musk Takes Control of Twitter, Fires CEO and CFO — Says He Buys Twitter "to Help Humanity" Tesla and Spacex CEO Elon Musk has completed the acquisition of Twitter Inc. and r
Huobi Layoffs Spark Controversy and Speculation, Justin Sun Claims Everything Is Fine
Huobi Layoffs Spark Controversy and Speculation, Justin Sun Claims Everything Is Fine The cryptocurrency exchange Huobi is laying off 20% of its employees, according to multiple re
Bitcoin Mining Operation Being Sued for Producing High Noise Levels in Tennessee
Bitcoin Mining Operation Being Sued for Producing High Noise Levels in Tennessee A bitcoin mining operation in Tennessee is being sued by neighbors due to the high level of noise t
Maker Co-Founder Calls UST and MIM ‘Solid Ponzis’ That Will Go to Zero
Maker Co-Founder Calls UST and MIM "Solid Ponzis" That Will Go to Zero Rune Christensen, one of the founders of Maker, the decentralized autonomous organization behind the governan
Bitcoin․com Announces ‘CEX Education Program’ to Reward Victims of Centralized Crypto Failures and Bolster DeFi
Bitcoin․com Announces ‘CEX Education Program’ to Reward Victims of Centralized Crypto Failures and Bolster DeFi press release Bitcoin.com announced the creation of a program t
Cryptocurrencies Have ‘No Intrinsic Value’ Says South African Hedge Fund Guru
Cryptocurrencies Have "No Intrinsic Value" Says South African Hedge Fund Guru Jean-Pierre Verster, the founder of a South African hedge fund Protea Capital Management, has said he