Dogecoin (DOGE) has had a wide ride in recent years, surging to an all-time high of $0.74 in 2021 before crashing back down. Now, one analyst predicts that the leading memecoin could soon be in for another big run, potentially reaching as high as $5.
Analyst Predicts DOGE to Hit $5
Crypto Patel, a crypto trader and analyst, recently shared a DOGE chart on TradingView, detailing what he sees as critical points for the coin’s potential price surge. Based on the analysis, Patel sees a repeating pattern in DOGE’s chart – mirroring its 2018 and 2021 rallies.
He highlighted critical support and resistance levels, indicating a retest at $0.056 and a breakout at $0.072, paving the way for the predicted $5 price.
“The DOGECOIN pattern is repeating, signaling a massive blast-off just around the corner. A perfect retest is approaching, creating an incredible entry setup. Once the retest is complete, watch Dogecoin soar to the moon! In the memecoins season of the bull market, $5 is a realistic target,” he said.
DOGE currently ranks 10th in the top cryptocurrencies by market capitalization. A $5 price will see the memecoin’s market cap reach $713.5 billion, surpassing that of every other crypto asset aside from bitcoin (BTC). The $5 price also represents a more than 6,000% surge from DOGE’s current price of $0.08045.
Can DOGE Hit $5 in the Near Future?
The likelihood of DOGE hitting $5 in the near future remains a subject of speculation, given that the coin has yet to cross the $1 mark since its conception in 2013. The highest level ever reached by DOGE was $0.7316 on May 8, 2021 (over two years ago). The coin’s current price is now 89% lower than that price.
For DOGE to hit $5, it would require a price increase of $4.92 from its current price. First, the coin must reclaim its previous all-time high before achieving that milestone. Only time will tell if a $5 DOGE price is possible soon.
