A prominent cryptocurrency trader believes Dogecoin (DOGE), a dog-themed digital asset, could soar to more than six times its current value.
A pseudonymous analyst known as Altcoin Sherpa says 209,800 followers on social media platform
Musk’s public support for DOGE, which he believes will one day be integrated into X as a payments feature, coincided with a massive rally.
However, the trader warned that the timing of his forecast was uncertain and could take months.
“DOGE: Random notes on this:
– I think this is doing stupid things like going above $1. Elon’s firepower is so high that he’s still the king meme.
– When does this happen? I don’t know. It could be now, or it could be six months from now.
-Considering market capitalization, it does not provide the same returns as 2021.
-I think this is a *relatively* safe deal (IMO). I think this has a pretty good chance of doing multiple x. Would the risk to reward ratio be better than aspiring to other things like SOL? I do not know. Go as far down the risk curve as you want.”
Traders are also watching closely to see if DOGE can break two key resistance levels into support at $0.20 and $0.35, which would help confirm his bullish stance.
“I think the chart looks really good. It was cut down and exploded for 650 days. $0.20 and $0.35 are the next interesting areas.”
DOGE is trading at $0.15 at the time of this writing, up 5.6% in the last 24 hours.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created: DALLE3