A widely followed crypto analyst and trader predicts that the meme coin Dogecoin (DOGE) could be headed for a massive rally. Here are the details…
Smart Contracter reviews the biggest meme coin project
The analyst, nicknamed Smart Contracter, tells his 210,500 Twitter followers that Dogecoin may be at the top of a major rally after witnessing a multi-month downtrend and exiting sideways accumulation. The analyst uses the following statements:
DOGE has a two-month accumulation boom with good volume. Honestly, it’s probably a good take-and-forget game if needed.
DOGE mimics BTC movements in 2019
According to Smart Contracter, the dog-themed coin currently mimics the 2019 price action of Bitcoin (BTC). At that time, the flagship crypto asset also emerged from side accumulation. It rose from around $4,000 after enduring months of heavy bearish price action. It reached just under $14,000. The analyst thinks that DOGE really has a chance in this move. He also believes that many people have foreseen this situation.
Based on Fibonacci retracement levels, a technical analysis method for identifying support and resistance levels for an asset, Smart Contracter sets a target price for Dogecoin at just under $0.50. So, the current price for DOGE at $0.08 shows over 500 percent upside potential.
Meme coin projects are in a bull run: Here is the latest situation in the market
Dogecoin (DOGE) and Shiba Inu (SHIB), the two biggest meme coins by market cap, have lost in the last 24 hours. Despite the drop, both cryptocurrencies stood out from the rest of the market thanks to huge gains over the past seven days. DOGE, which hit a 10-week high above $0.088 earlier this week, was trading at $0.081, up 13.4 percent throughout the week; SHIB is changing hands at $0.00001488, up a whopping 20.6 percent over the same period. DOGE and SHIB trading volumes dropped significantly on the last day, dropping 60 percent and 20 percent, respectively.
The recent price action of the two meme coins is in sharp contrast to many other major cryptocurrencies that have seen their values plummet in the past day. Unlike dog-inspired cryptocurrencies, market leaders have also suffered heavy losses throughout the week. BTC is changing hands at $23,414 at the time of writing. ETH is currently trading at $1,846.
Analyst’s previous predictions
As Cryptokoin.com reported, Smart Contracter gained a large following with its correct predictions. The analyst predicted that in 2020, BTC will decline to $ 3,200. He also accurately knew that Bitcoin would rally at the end of the same year. In 2021, it came to the agenda with an estimate of $ 23,000. On the other hand, he saw the drop to $1,600 for the largest altcoin Ethereum and the drop in September 2021.
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