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Crypto analyst Trader Tardigrade has highlighted a similarity between the Dogecoin price action and that witnessed in 2020. The analyst further revealed what happened the last time this pattern formed on the Dogecoin chart and what to expect.
Dogecoin Price Sees Bi-Monthly Rise To 2020 Levels
In an X post, Trader Tardigrade revealed that the Dogecoin price bi-monthly RSI (Relative Strength Index) has risen to levels last seen in 2020. The analyst further noted this was happening right before the massive bull run. In line with this, he predicts that the three bi-monthly candles will be huge for Dogecoin.
Source: X
The analyst’s accompanying chart showed that massive giant candles followed when the Dogecoin price RSI rose to these levels in 2020. This eventually paved the way for Dogecoin to reach its current all-time high (ATH) of $0.73. Interestingly, Trader Tardigrade’s chart showed that the Dogecoin price could rise to as high as $44 this time around.
Such a parabolic move will be possible if the Dogecoin price replicates its gain of over 26,000% in the 2021 bul run. Alongside Trader Tardigrade, some other crypto analysts have also offered ultra-bullish predictions for the Dogecoin price this week.
Crypto analyst Ali Martinez mentioned that the Dogecoin price could rise to as high as $23 in this market cycle. He explained that this could happen if DOGE were to rally to the 1.1618 or even 2.272 Fibonacci levels. The analyst also suggested that the world’s richest man, Elon Musk, could contribute to this price rally.
Crypto analyst Olivier also predicted that the Dogecoin price could rise to as high as $32 in this bull run. The analyst is confident that this parabolic rally could happen since there are predictions that the Bitcoin price can rise to $1 million.
DOGE’s Growth Potential In Comparison To Bitcoin
Crypto analyst Master Kenobi recently analyzed Dogecoin’s price growth potential in comparison to Bitcoin. In an X post, the analyst noted that Bitcoin has already achieved a 5x from the market bottom, while Dogecoin has only managed a 4x so far. 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.
Having made these points, Master Kenobi highlighted the Dogecoin price growth potential. He claimed that Dogecoin’s market cap could increase 10x from this point and rise to $290 billion, which will put DOGE’s price at $2. Meanwhile, he predicts that the Bitcoin price would only 2x from this point, rise to $150,000, and attain a market cap of $3 trillion.
At the time of writing, the Dogecoin price is trading at around $0.2, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
