The latest analysis of Dogecoin's price shows that this top-ranking meme coin has the potential to soar to a historical high of $4. According to a cryptocurrency analyst, if Dogecoin can maintain its position above the critical support level of around $0.35, this bullish target may become a reality.
Additionally, the analyst pointed out that the ongoing support from Tesla CEO Elon Musk, among other factors, is considered a major trigger for the price increase of Dogecoin.
Dogecoin's price is expected to rise to $4.
TradingView cryptocurrency analyst 'Goldbug' predicts that under Musk's continued support, Dogecoin's price could reach $4. The analyst believes that the support from the CEO of SpaceX is a significant catalyst driving the price increase of Dogecoin.
Recently, Dogecoin broke through resistance levels and is currently consolidating, indicating further upside potential. The analyst revealed that he established a bullish position when Dogecoin was around $0.16 to $0.17, expecting it to rise.
Goldbug has identified $0.20 as a key support level for Dogecoin's price, expecting it to remain stable at that level. Moreover, if Dogecoin can maintain above $0.35, the analyst predicts it could trigger a sustained bullish trend and potentially push the price towards $4.
TradingView analysts observed that Dogecoin's market patterns often repeat, suggesting that past trends can serve as indicators for the future price movements of this meme coin. Goldbug shared a price chart depicting the rise of Dogecoin during the 2021 bull market and revealed that this meme coin is currently showing similar bullish patterns. He emphasized that once Dogecoin breaks through previous highs and experiences a significant increase, the $4 price target will be closer than ever.
Goldbug anticipates that Dogecoin's price may rise, but he revealed that he will be increasing his holdings of Dogecoin. He advises investors and traders to stabilize their positions before the expected price increase and emphasizes that Dogecoin can achieve the $4 target.
Analysts say most altcoins will go to zero.
In his analysis of Dogecoin on TradingView, Goldbug revealed that his preference for Dogecoin is solely due to Musk's influence. He emphasized that, apart from Bitcoin, Dogecoin is the only altcoin he invests in. The analyst also expressed skepticism about other altcoins in the market, believing that most altcoins will ultimately devalue, with only a few surviving long-term.
Goldbug speculates that Dogecoin has the potential to be one of the survivors, with its greatest advantage being the support from Musk. This support, combined with its ever-growing community and increasing adoption, makes Dogecoin a top cryptocurrency in the market. Furthermore, TradingView analysts predict that, in the long run, most altcoins will drop to zero.
