Despite the demand for meme coins waning, a crypto analyst has claimed that the Dogecoin price could be on the verge of a parabolic 5,202% price surge. Lately, the price of Dogecoin has been on a major decline, failing to break key resistance levels. However, with this new prediction by the crypto analyst, Dogecoin could see its value potentially increasing to new highs. 

Dogecoin Price To See Massive 5,202% Pump

A crypto analyst identified as ‘Zero’ on X (formerly Twitter) has expressed excitement about an incoming price pump for Dogecoin. The analyst suggested via his post that the Dogecoin price looks ready for a major rally, likely due to favorable market conditions and key technical indicators. 

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Sharing a historical chart illustrating the DOGE price movements from as far back as 2014, Zero pinpointed periods when the Dogecoin price experienced massive rallies, specifically during the bull run that followed each Bitcoin halving event. 

From 2017 to 2018, the analyst disclosed that the price of Dogecoin had skyrocketed by 9,226.49%. After experiencing a bear market and a prolonged period of price fluctuations, the meme coin witnessed another massive surge between 2020 and 2021. At the time, Dogecoin had recorded a whopping 30,693.75% price increase, leading to its current all-time high of $0.74.

Based on these bullish trends, Zero has predicted that the Dogecoin price could see its next rally between 2024 and 2025. He forecasted that the popular meme coin could experience a whopping 5,202.19% price increase towards the $5 mark. This massive surge in value would effectively push Dogecoin above its previous all-time high in 2021. Moreso, assuming the cryptocurrency can hit $5, this would represent a 50X increase from its current price of $0.139. 

Moving forward, Zero has declared that this projected price increase has been a long-awaited moment for DOGE holders, suggesting that there has been a build-up of anticipation for a bull run over the past three years. In addition to a Dogecoin price increase, the analyst also expects Bitcoin (BTC) to surge to new highs. 

A DOGE ATH Could Be Closer Than Investors Think

Many analysts in the crypto market appear to be highly optimistic about Dogecoin’s price outlook. Notably, a crypto analyst on X, identified as ‘CEO’ has told his 471,600 followers that the Dogecoin price could be getting ready for another all-time high soon.

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The analyst revealed that the meme coin’s price action is repeating a 2020 reversal box pattern, indicating a potential for a price breakout. Moreover, Dogecoin is forming three higher lows and already breaking resistance, signalling that a big pump might be underway. Sharing a price chart highlighting Dogecoin’s bullish technical indicators, the analyst has projected that the cryptocurrency could see a continuous surge above $0.4 soon. 

Featured image created with Dall.E, chart from Tradingview.com

Dogecoin price has been a subject of intense speculation and analysis as recently, a top trader predicted that the asset could surge to $0.37 within the next two weeks. This bold prediction has sparked curiosity among investors, especially since that’s an over 100% move from the current price. 

DOGE price is trading at $0.1445 today, down 0.4% in the last 24 hours. 

Nevertheless, it has already increased 24% in the last seven days, and Dogecoin’s profit percentage has almost surpassed 81%. The main question remains: Can the price of DOGE double to “37 cents” in the next two weeks?

Can Dogecoin Price Hit “37 Cents” In the Next Two Weeks?

As of now, Dogecoin is trading at approximately $0.1445 per CoinGecko data. This represents a significant increase from its earlier lows but is still far from its all-time high of around $0.73, achieved during the 2021 crypto boom.

The current market sentiment for Dogecoin price is currently mixed, with some market participants anticipating further gains while others foresee potential declines.

For instance, data from Coinglass shows Short-term futures traders have turned bearish on the daily while long-term weekly and monthly traders remain bullish. This imbalance suggests that the majority of the market remains bullish as they anticipate the price of DOGE will increase soon.

The following two on-chain metrics could explain why investors are divided. According to data from Santiment, Dogecoin holder profitability broke a four-month high, and 81% of all Dogecoin in circulation is now in profit. The last time this was the case was July 7, 2024.

Further more, the short-term DOGE holders (30-day) surpassed long-term holders (365-day) in profit making, hence, it would only be logical for the to lock in profits when DOGE shows signs of weakness around historical resistance zones.

Reasons Why DOGE Price Could Hit $0.37 In Two Weeks

Dogecoin price surging to 37 cents in two weeks is not out of this world. For comparison, in the past 7 days, the meme coin soared by about 25%. Double this, and we have 50% in two weeks. Combining this organic growth with several other factors and $0.37 price target comes into clear focus. Here are some reasons why $0.37 DOGE is possible before the November 5 U.S. elections:

• The price of DOGE has historically been influenced by social media trends and endorsements from high-profile figures like Elon Musk. A renewed wave of positive sentiment and social media buzz could drive up the price significantly.
• Dogecoin price forecast shows that the asset has been experiencing a bullish trend in the short term. The 50-day moving average is rising, suggesting strong short-term momentum. If this trend continues, it could support a price increase.

Additionally, the fibonacci retracement tool shows a potential retrace to $0.1322, which would explain the bearish sentiment among short-term traders. However, after that, the DOGE price is primed to surge to $0.37 with some occasional stops at $0.15, $0.18, and $0.23.

• The overall cryptocurrency market has been showing signs of recovery. If major crypto assets like Bitcoin (BTC) and Ethereum (ETH) continue to rise, they could pull DOGE price up with them due to the correlated nature of crypto assets.

Conclusion

While the prediction of Dogecoin price reaching $0.37 in two weeks is ambitious, it is not entirely out of the realm of possibility. The factors supporting this bullish outlook include positive market sentiment, technical indicators, and broader market movements.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.