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. 

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The reason behind the stagnant XRP price growth has remained a mystery, with many crypto analysts pointing to legal disputes and market volatility as key factors holding back its momentum. However, even during favorable market conditions and after gaining legal clarity following multiple Ripple Court wins against the United States Securities and Exchange Commission (SEC), XRP has still failed to experience a notable upward surge. 

As a result, investors have questioned the cryptocurrency’s sluggish price growth, prompting a crypto analyst to provide a detailed explanation of why XRP remains at a low price, barely showing signs of a feasible rally.  

Why XRP Price Struggles To Gain Momentum

On October 13, a crypto analyst and researcher known as ‘Crypto Tank’ took to X (formerly Twitter) to discuss the reasons why the XRP price is not moving. In the lengthy X post, the analyst explained that the XRP price was determined by dividing the volume of XRP actively being used on the ledger by its circulating supply. 

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According to Crypto Tank, XRP investors have this misconception that the total XRP in circulation is about 56 billion. However, this figure is misleading as a large portion of XRP’s supply is held in various private wallets by large-scale holders, also called “Whales.” This means that most of XRP’s supply is not actively being used in the market, but is held firmly in these wallets. 

The analyst revealed that what truly matters for XRP’s price movements is how much of the circulating supply is used to actively engage in transactions on the XRP ledger. Currently, only about 20% of the total XRP supply is actively engaged on the XRP Ledger daily. 

For XRP to be used to execute transactions, it often needs to be paired with Automated Market Makers (AMMs), which provide liquidity during trades. These liquidity pools are important for XRP to conduct global settlements, as only ample liquidity can facilitate these enormous transactions which extend to trillions of dollars. This need for substantial liquidity in the XRP Ledger is what limits its price movements. 

Following the analyst’s report, it is clear that XRP’s price struggles are more complicated than mere market volatility. Its ongoing legal dispute with the SEC also adds uncertainty to any potential price increases in the future. 

Analyst Unveils XRP Road Map To $500

While discussing the reasons why XRP’s price has remained stagnant, Crypto Tank also unveiled a road map for how XRP could reach $500. The analyst explains that if XRP could become widely adopted for global settlements like SWIFT, it could potentially reach this price target. 

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He disclosed that an increase in market capitalization or retail investors does not matter, as XRP would only surge to the projected $500 price if it can handle large institutional transactions through deep liquidity pools and AMMs. 

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Bitcoin has yet to rally in October, with many bullish proponents awaiting the resumption of an uptrend. Among those closely monitoring the price action in anticipation of an uptrend is a well-known analyst on the social media platform X. This analyst, who goes by the name Ash Crypto, recently highlighted a striking similarity between Bitcoin’s current price behavior and a notable pattern observed earlier in 2023. Ash Crypto pointed to Bitcoin’s decline in early October 2023, which ultimately reversed into a multi-month rally to its current all-time high.

Explaining The Similar Price Action

October 2023 was the turning point for the price of Bitcoin and many cryptocurrencies. It was during this month that the crypto industry finally broke out of a lengthy bear cycle, with Bitcoin heralding the charge toward renewed optimism and significant price gains.

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For the first time since January, Bitcoin’s market capitalization surged by an impressive 28.52%, sparking a shift in market dynamics that rippled throughout the industry. Although altcoins followed a similar upward trajectory, their gains were modest compared to Bitcoin. However, their collective impact was able to push the entire cryptocurrency market capitalization past the $1.25 trillion mark for the first time since May 2022.

However, while October 2023 was the start of the new bull cycle, what most investors don’t know or have forgotten is that the month started on a negative note. As Ash Crypto pointed out, the price of Bitcoin dropped by 7.5% in the first week of October 2023. According to the BTC/USD price chart, this decline saw the price of Bitcoin fall below $26,500. However, it soon rebounded from this point. By the end of October 2023, Bitcoin had rallied to close the month at over $35,000, representing a remarkable 33% increase from the month’s low.

Fast forward to October 2024, and it appears that Bitcoin is once again repeating its pattern from the previous year. At the start of the month, Bitcoin was trading just below $64,000, a strong position given its recent bullish trends. However, in a movement similar to October 2023, the cryptocurrency experienced another sharp decline, this time dropping by 6.5% within the first three days. Notably, the price briefly touched $60,750 during this period.

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What Does This Mean For Bitcoin?

If history were to repeat itself in full, Bitcoin could maybe or maybe not drop a little bit more before rebounding to the upside. According to Ash Crypto’s projection, a similar 33% surge would see Bitcoin shooting above its current all-time high, with a monthly close right in the middle of $75,000 and $76,000.

At the time of writing, Bitcoin has recovered a bit and is now trading at $61,580. Despite this early setback, many bullish investors are keeping a close eye on Bitcoin in anticipation of Uptober coming to fruition. 

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