The biggest meme coin Dogecoin (DOGE) has unexpected upside potential, a popular crypto analyst claims. This analyst, known as Altcoin Sherpa, suggests that the dog-themed meme coin could rise more than six times its current value.
The analyst supports this view with billionaire businessman and Tesla CEO Elon Musk’s interest in DOGE. Musk’s statements on social media and his positive attitude towards Dogecoin are seen as a factor that can positively affect DOGE’s future success. According to many community members, Musk may one day integrate DOGE into X as a payment function.
However, it is unclear when this rise will occur. Your analyst to the warning It should be noted that this process may take months and require patience. With the popularity of Dogecoin and the support of an influential name like Elon Musk, the crypto community believes that DOGE still has significant potential.
A scenario such as DOGE reaching a value of $1 may be viewed by some as impossible for now. However, as the analyst stated, the support of a figure like Elon Musk and the fact that Dogecoin still exists as a strong meme coin increases the likelihood of this goal being realized.
“DOGE: some random notes on this:
-I think this is doing something ridiculous like going to $1 or more. It has a lot of rally power with Elon and is still the top meme coin.
NEWS CONTINUES BELOW-When will this happen? I have no idea. It could happen now, it could happen in six months.
-It will not give you the same return as 2021 considering market capitalization.
-This is a *relatively* safe trading in my opinion. I think the odds of doing a few x are pretty high. Will it be a better risk-reward ratio than longing other coins like SOL? I don’t know. Go as far down the risk curve as you want.”
The analyst is also closely watching whether DOGE can turn two key resistance levels at $0.20 and $0.35 into support, which will help confirm the bullish stance.
“To me the graphic looks great. It moved horizontally for 650 days and then exploded. The next interesting areas are $0.20 and $0.35.”
Dogecoin (DOGE) is trading at $0.15 at the time of writing.
You can follow the current price movement here.
