Crypto analyst Trader Tardigrade has highlighted a similarity between Dogecoin’s price action and that of 2020. The analyst further revealed what happened the last time this pattern formed on the Dogecoin chart and what to expect.
Dogecoin Price Sees Two-Month Rise To 2020 Levels
In an X-post, Trader Tardigrade revealed that the Dogecoin price is bi-monthly RSI (relative strength index) has risen to levels last seen in 2020. The analyst further noted that this happened just before the massive bull run. In line with this, he predicts that the three bimonthly candles will be huge for Dogecoin.
The analyst’s accompanying chart showed that huge giant candles followed as the Dogecoin price RSI rose to these levels in 2020. This ultimately paved the way for Dogecoin to reach its current level. all-time high (ATH) from $0.73. Interestingly, Trader Tardigrade’s chart showed that the Dogecoin price could rise as high as $44 this time.
Such a parabolic move will be possible if the Dogecoin price replicates its gains of over 26,000% in the 2021 bull run. In addition to Trader Tardigrade, some other crypto analysts also made ultra-bullish predictions for the Dogecoin price this week.
Crypto analyst Ali Martinez that the Dogecoin price could rise as high as $23 in this market cycle. He explained that this could happen if DOGE rallies to the Fibonacci level of 1.1618 or even 2.272. The analyst also suggested that the richest man in the world, Elon Musk, could contribute to this price increase.
Crypto analyst Olivier also predicted that the Dogecoin price could rise as high as $32 during this bull run. The analyst is confident that this parabolic rally could happen as there are predictions that the Bitcoin price can increase to $1 million.
The growth potential of DOGE compared to Bitcoin
Crypto analyst Master Kenobi recently analyzed the price growth potential of Dogecoin compared to Bitcoin. In an He further noted that BTC’s market cap is $1.5 trillion, while DOGE’s is $29 billion, which is a 51x difference between these market caps.
After highlighting these points, Master Kenobi highlighted the price growth potential of Dogecoin. He claimed that Dogecoin’s market cap could increase 10x from this point to $290 billion, which would bring DOGE’s price to $2. Meanwhile, he predicts that the Bitcoin price would only increase 2x from this point, rising to $150,000 and reaching a market cap of $3 trillion.
At the time of writing, the Dogecoin price is trading around $0.2, up more than 3% in the past 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com