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In a remarkable Dogecoin’s Price Prediction, cryptocurrency analyst AMINSHEYBANI foresees a stunning 27,500% surge for Dogecoin (DOGE/USD), with the coin potentially reaching an unprecedented $16, breaking its previous all-time highs.
Chart Analysis: DOGE to the Moon
AMINSHEYBANI shared a compelling chart on TradingView with the caption “Doge to the moon.” According to this chart, DOGE could find substantial support at $0.058. Beyond this level, the analyst believes that DOGE might experience a colossal rally, ultimately reaching a pinnacle of $16.
Market Cap Potential: $2.26 Trillion
With DOGE’s total supply standing at 141.48 billion, reaching a value of $16 would give it a staggering market cap of $2.26 trillion.
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Comparison with Bitcoin and Ethereum
To put this into perspective, consider the market caps of Bitcoin (BTC/USD) and Ethereum (ETH/USD). Currently, Bitcoin boasts a market cap exceeding $564 billion, while Ethereum’s market cap hovers around $189 billion. If DOGE attains a $2.26 trillion market cap, it would surpass both Bitcoin and Ethereum in terms of market capitalization. Nevertheless, such an outcome remains highly improbable.
DOGE’s Price History
Notably, DOGE previously reached an all-time high of $0.7376 on May 8, 2021, marking a remarkable gain of over 15,650% in just a few months. However, shortly after reaching this milestone, its value experienced a significant decline, partly attributed to a “sell the news” response following Elon Musk’s appearance on Saturday Night Live.
SEC’s Pending Bitcoin Spot ETF Approval
As the crypto world awaits the approval of the long-anticipated Bitcoin spot ETF by the SEC, industry experts are set to discuss this development at Benzinga’s Future of Digital Assets event on November 14, 2023. The event promises active participation and early bird discounted tickets.
Analyzing DOGE’s Triangle Formation
Crypto analyst Ali recently suggested that Dogecoin is approaching the apex of a multi-year descending triangle formation. A weekly candlestick close above $0.0835 could potentially trigger a new Dogecoin’s Price Prediction bull run, possibly aiming for $1. This descending triangle consists of a horizontal support line and a downward-sloping resistance line, making it a crucial pattern for traders and analysts to monitor.
At the time of writing, DOGE was trading at $0.058, showing a 1.31% increase in the last 24 hours.
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Disclaimer:
Please note that this article serves solely for informational purposes. As such, it is not financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
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