Dogecoin reaching double-digits remains a pipe dream for its die-hard community, despite the meme coin not even hitting $1 to date. Nevertheless, expectations for Dogecoin to eventually break $10 remain high, as one analyst gave reasons why the largest meme coin by market cap is set to surge by over 7,200%.
Dogecoin will organize a breakout from the logs
Cryptocurrency analyst Javon Marks addresses X (formerly Twitter) participation engaging development on the Dogecoin chart. Marks indicates that a Log Breakout could be on the horizon for the meme coin, which could lead to a massive price raise.
The reason analysts are confident about the Log Breakout is because of what happened for Dogecoin the previous two times it appeared. The first time a Log Breakout was completed for DOGE was during the 2017-2018 bull run. This resulted in a 9472% price raise, taking Dogecoin from a low of $0.0002 to a high of $0.01858.
On the other hand, in the 2020-2021 bull run, Dogecoin would go through another Log Breakout, this time leading to an even more observable rally than before. It was the legendary 28,882% rally in 2021, when DOGE price rose from $0.0012 to almost $0.74.
Given this historical performance and the fact that breakouts of this type often overlap with previous ones, the cryptocurrency analyst believes that Dogecoin price is about to see another major rally.
How high can DOGE go?
In his analysis, Marks outlines his own expectations for Dogecoin price if the Log Breakout were to end. According to the chart shared in X’s post, Marks expects at least a 7,200% raise in DOGE price from its current level. This would push the meme coin above $10 for the first time in history.
The cryptocurrency analyst explains that each Log Breakout has led to a bigger rally than the previous one, so this could mean that DOGE price could rise. However, given that Dogecoin’s market cap is already so enormous, such massive rallies could be hard-fought from here.
Apart from Dogecoin, Shiba Inu is another meme coin that a cryptocurrency analyst is confident about. In an earlier analysisMarks noted that the second-largest meme coin by market capitalization has confirmed a macro Hidden Bullish Divergence. Given this, he expects the Shiba Inu price to surge 354% from its current level to reach an all-time high of around $0.000081.
Featured image created with Dall.E, chart from Tradingview.com
