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Bitcoinist
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Analyst Says To Expect Dogecoin Price At $5 This Cycle
- An analyst predicts Dogecoin could reach $5 this market cycle, based on repeating patterns of consolidation and breakout phases in its price movements.
- Historical price rallies of Dogecoin have been characterized by symmetrical triangle formations followed by significant price surges.
- The most iconic rally saw Dogecoin peaking at $0.7316 in May 2021, driven by social media hype and FOMO.
- After a bear phase post the peak, Dogecoin has been undergoing consolidations which might lead to a continuation of the cycle.
- Crypto analyst CryptoElites projects a potentially similar run to the 2021 bull rally, with a bold $5 price target for Dogecoin.
- Reaching $5 per Dogecoin would imply a market capitalization above $720 billion, positioning Dogecoin just behind Bitcoin in terms of market cap.
- The $5 price target would require significant participation from both retail and institutional investors.
- Despite appearing ambitious, Dogecoin has demonstrated unexpected rallies before, like its 36,000% surge in the 2020-2021 bull cycle.
- Dogecoin is currently trading at $0.168, having broken below $0.17 in the past 24 hours.
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