Dogecoin has suffered some of the worst of the crypto bear market after taking a severe hit to its price. In response, DOGE transactions had plunged rapidly, which suggests that the digital asset is falling out of favor with investors. However, despite these bearish trends, one crypto analyst still sees a surge in the future of the meme coin.
27,500% Rally To $14 For Dogecoin
In a surprising turn of events that seems completely contrary to the current market trend of Dogecoin, a crypto analyst has predicted a 24,000% surge. The analyst shared the chart on the TradingView site with an outline that suggests one of the largest surges the meme coin has ever seen.
The chart suggests that the $0.058 level is support for the meme coin. At the same time, it also serves as a bounce-off point for the rally. This 27,500% rally, ideally, would see the price of the digital asset rise as high as $16 at the peak. However, not everyone agrees with this price mark.
Comments made in response to the analyst’s prediction seem to believe that the digital asset would surge but were way more conservative in their estimates. As one reply states, the peak of the price rally would be much lower at $1.-3 MAX.” Another comment also falls in line with this, with the user going much lower with “more like $1-2 only.”
One response, however, seems to be more bullish than the original poster. Explaining their point of view, the user said: “The first wave will likely hit low single-digit dollar ranges. It will hit upward $20 over the ensuing months beginning the bull run.”
Not Everyone Is Bullish On DOGE
Just as one analyst has predicted a surge to $15, another crypto analyst is seeing a bearish trend for the meme coin. The analyst who also posted on TradingView believes that the Dogecoin price is more likely to fall from here.
In the chart, it outlines a fall to $0.056. But interestingly, this decline is not expected to happen until there is some recovery. The analyst sees an initial pump above $0.06 before what they call “a nice downfall” straight to $0.056.
“What we want to see, is a nice breakdown from 2nd Moving Average while keeping that pressure on (from sellers),” the analyst said. “But if we see a local resistance being broken today, there is a chance of slight bullish movement to upper zones!”
If this analysis holds, then Dogecoin could see an initial recovery of 3%. Then from there, a fall from $0.06 to $0.056 would mean a 7% decline, meaning trading the bearish turn would be more profitable than a bullish one.