Dogecoin is already shaping up to be a good meme coin play within the subsequent bull market after rallying 100% in a single week. Given this efficiency, there was plenty of bullishness surrounding the meme coin with expectations of upper costs. A kind of who anticipate the meme coin to do properly throughout this time is crypto analyst Altcoin Sherpa, who believes that Dogecoin still has a lot of runway left.
Dogecoin Nonetheless Has A Lot Of Firepower
In a post on X (previously Twitter), crypto skilled Altcoin Sherpa revealed their bullish expectation for Dogecoin to their over 210,000 followers. Sherpa factors out quite a lot of components that can proceed to drive the DOGE price, pushing it above $1.
One of many components recognized that might set off this run is the assist that the meme coin continues to get from billionaire Elon Musk. Though Musk has not been as vocal about his assist for the meme coin in current occasions as he has up to now, he has not wavered both, with the Dogecoin image nonetheless remaining on his X (previously Twitter) bio.
Subsequent, the crypto analyst explains that DOGE stays the king of the meme cash and that performs into its bullish narrative. Sherpa believes {that a} Dogecoin investment is a comparatively protected commerce when in comparison with others. He additionally highlights that the meme coin may do a few Xs from its present worth.
Trying on the DOGE chart, Altcoin Sherpa factors out that the value had “chopped for 650” earlier than its breakout. Nevertheless, now that it has damaged out, they see $0.20 and $0.35 as the following doable stops for the value.
Mood Expectations For DOGE
Whereas the crypto analyst is inherently bullish on Dogecoin, he additionally manages expectations for the value. He factors out that buyers shouldn’t anticipate the identical returns for DOGE as they did again in 2021 as a result of the market cap is already excessive.
Moreover, in terms of selecting to put money into Dogecoin over different cash, the analyst explains that it in the end comes right down to how a lot danger an investor can take. “Whether or not it’s higher to lengthy this or different memes, it actually depends upon your danger tolerance. It’s the identical as you deciding to lengthy ETH (comparatively protected) vs. one thing riskier like $NEON (or related coin). A number of components for you to consider,” Altcoin Sherpa said.
As for when the DOGE price may see an explosion to $0.35, the crypto skilled says the timeline is unclear. “I don’t know. Might be now, may very well be 6 months from now,” he stated.
DOGE worth at $0.16 | Supply: DOGEUSDT on Tradingview.com
Featured picture from Moneycontrol, chart from Tradingview.com
