Analysts are weighing when Dogecoin might experience a significant price increase, as the profits from XRP could potentially drive prices up.
Despite recent gains, Dogecoin is still lagging in the ongoing bull market. Closest competitors like BNB and Solana have surpassed their previous bull market highs, while Dogecoin has largely consolidated within the $0.40 range.
Meanwhile, analysts are increasingly predicting that the ongoing consolidation phase for Dogecoin is nearing its end. In a recent postal analysis, Professor Astrones emphasized his expected timeline for Dogecoin price to reach $3 to $5.
Timeline for Dogecoin price reaching $3 to $5
Astrones first emphasized that $1 is his most direct prediction for Dogecoin, and he believes this will happen faster than many expect. From that point, he anticipates that higher levels will be easier to follow. Specifically, according to Astrones, after breaking through $1, Dogecoin could 'very easily' trade between $3 and $5 by next year.
Dogecoin is currently trading at $0.4221, up 2% over the past day. The meme coin's price needs to increase by 610% to reach $3 and by 1,082% to reach $5.
Professor Astrones stated that the driving force behind Dogecoin's rise is likely the profits market participants are currently making from XRP.
Funds from XRP will flow into Dogecoin
XRP's price has doubled in the past 7 days. With this action, investors holding XRP for the past 30 days will enjoy a massive profit of 422%.
During the explosive rise of XRP, Dogecoin has basically remained stagnant, hovering around the $0.40 price range. This has allowed XRP's market capitalization to surpass that of Dogecoin, with its current valuation being more than double that of Dogecoin.
Analysts are now predicting that XRP's bullish momentum may soon fade, similar to Dogecoin's previous performance, creating an opportunity for this meme coin to regain dominance.
Dogecoin mimics the XRP pattern
Interestingly, other analysts like Jacob Canfield have noticed similarities between the candlestick patterns of XRP and Dogecoin. Canfield observed that Dogecoin's current trend is very similar to XRP's movements over a shorter time frame.
His analysis reveals the formation of higher lows, with Dogecoin maintaining its previous resistance level as a new support level. This pattern suggests the possibility of continued upward momentum.
When will Dogecoin trigger a meme coin frenzy?
In another analysis, Rekt Capital highlighted the formation of a daily ascending triangle for Dogecoin. The candlestick chart shows that Dogecoin has broken through the horizontal resistance level above $0.4368.
Rekt Capital pointed out that a daily close above $0.43 is crucial for DOGE to validate a breakout that is likely to occur shortly after. Meanwhile, his notable decline from this point is merely a retest after the breakout. Once successfully confirmed, another meme coin frenzy could follow.
