As a seasoned crypto investor with over a decade of experience in this ever-evolving market, I must confess that I find myself intrigued by the latest analysis from Trader Tardigrade regarding Dogecoin’s potential surge to $1.6. While I’ve seen patterns before that didn’t pan out as expected, this particular Falling Wedge formation does bear a striking resemblance to the past cycles – a pattern that has proven to be profitable for many, including myself.
A well-known expert in cryptocurrencies predicts that the value of the popular meme-based cryptocurrency Dogecoin ($DOGE) could potentially skyrocket by more than 10 times, reaching approximately $1.6, as it breaks free from a Falling Wedge pattern in the future.
Based on the analysis of well-known pseudonymous expert Trader Tardigrade on the social media site X (previously known as Twitter), there’s a strong possibility that Dogecoin’s price is about to burst out from a Falling Wedge pattern, suggesting an impending upward trend.
The monthly chart of Dogecoin hints at a potential breakout from a Falling Wedge formation, indicating the commencement of the Doge season! Remarkably, this pattern resembles the last two cycles. However, it’s important to remember that past performance doesn’t necessarily guarantee future results. Let’s aim for $DOGE to reach around $1.6, Doge community! 🚀— Trader Tardigrade (@TATrader_Alan) September 29, 2024
According to the trader’s analysis, this pattern resembles the last two cycles quite closely. This implies that the meme-inspired cryptocurrency could potentially increase by approximately 1,300% from its current price of about $0.11, reaching around $1.6, if it follows a similar trajectory to its previous price increases.
According to a report from CryptoGlobe, large Dogecoin holders (often referred to as “whales”) have accumulated approximately 1.4 billion tokens within a span of 48 hours. This accumulation has added around $140 million to their holdings of the most prominent meme-based cryptocurrency by market cap, Dogecoin.
According to data from on-chain analytics firm Santiment, as reported by well-known crypto analyst Ali Martinez on his Twitter account (previously known as Twitter), which boasts over 72,000 followers.
Previously this year, Elon Musk, CEO of both Tesla and Space X, expressed an appreciation for Bitcoin and other digital currencies, but he showed a special affection towards Dogecoin. “I have a kind of fondness for Dogecoin because I enjoy dogs and memes,” he stated as the reason.
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2024-10-02 06:23