DonAlt, a leading crypto analyst, Bitcoin He pointed to Dogecoin’s bullish trend while predicting the potential path ahead for its price.
According to the analyst, it is “very unlikely” that Dogecoin will reach a price of $1 from its current level, but he noted that the potential gain could be up to 554%.
Analyst, meme coinHe claimed that Dogecoin has entered an uptrend after finding solid support against Bitcoin.
“The noteworthy point is that DOGE has moved back to the support on the BTC chart.”
According to the analyst, it is stated that there may be a situation that will invalidate the bullish thesis in Dogecoin, but this will not affect the target price.
“Here, an invalidation above $0.05 could prevent the target price from being above… But this is not the worst case scenario… Especially when trading at $0.12 or $0.13, as these points are only 20% away and the optimal entry is “may be the point.”
Commenting on Bitcoin, DonAlt says the trend appears to be on the rise despite the double-digit correction from the $73,000 peak recorded earlier this month.
“Overall, we are still in a major uptrend, and that trend is quite impressive. Therefore, dips present buying opportunities, and I think if there are to be pullbacks and a bearish trend on the monthly chart, the best option is to pull back most of the candle from February between $41,800 and $64,000.”
If Bitcoin falls below the $60,000 support level, the next support level will be around 22% below the current price.
“This is my bearish view… If we close March down and then you have it on the weekly timeframe, and this is basically the support that everyone keeps talking about, there is support at $52,000.”
