Crypto analyst and trader Tardigrade believes that during this bull market, there is a high possibility that the price of Dogecoin could rise to $20. The $20 price prediction emerged when the crypto analyst revealed what would happen if DOGE repeated its previous cycles.
If this were to occur
In an X post, trader Tardigrade predicted that if the price of Dogecoin replicated its historical performance, it could reach as high as $20. He pointed out that after Dogecoin experienced bull rallies in 2017 and 2021 and surpassed the previous candlesticks, it increased by 3,000% and 8,000% respectively.
In line with this, he forecasted that if DOGE follows a similar pattern, the price of Dogecoin could rise to $20.68. Interestingly, Trader Tardigrade had previously predicted that if DOGE mirrored the 2017 bull market, it could rise to $8, and if it reflected the 2021 bull market, it could rise to $30.
The price trend of DOGE points to $20 | Source: Trader Tardigrade on X
Meanwhile, this crypto analyst also suggested that the most important meme coin could soon start its next bull run. In another X post, he said that the price of Dogecoin had broken through a converging triangle, and the Moving Average Convergence Divergence (MACD) showed a bullish crossover. He added that Dogecoin might start a bull rally from here.
Crypto analyst Ali Martinez also hinted at a bullish reversal in the price of Dogecoin. In an X post, he stated that the TD Sequential had issued a buy signal on DOGE's hourly chart. This indicates that the most important meme token may be ready to rise again.
The outlook for Doge is far from bearish
In an X post, crypto analyst Kevin Capital explained why the price of Dogecoin is far from bearish. He said that after a weekly golden cross occurred, DOGE was still rapidly expanding above the 50 and 200 moving averages. He added that the meme token was above the macro golden pocket at a price of $0.26 and was competing with the macro golden pocket at 0.786.
Consistent with this, he said that market participants had no reason to be bearish on the price of Dogecoin. However, at the same time, he mentioned that he wasn't overly focused on Doge or other altcoins because the price of Bitcoin would determine the next move in the market. The crypto analyst assured regarding Doge's bull run, pointing out that the top of the cycle doesn't occur when everyone is bearish.
Crypto analyst Javin Max recently also saw a bullish case for the price of Dogecoin, predicting that it could be at least five times away from its current level.
Reportedly, as of the time of writing, the price of Dogecoin was approximately $0.35, having dropped by more than 3% in the past 24 hours. Data is from CoinMarketCap.
