Dogecoin Could Explode For A 2,100% Gain If This Pattern Holds, Trader Warns
Dogecoin (CRYPTO: DOGE) may be setting up for a massive rally if its long-term logarithmic growth channel holds, according to traders' analysis.Cryptocurrency
Price
Market Cap
24-Hour Trend
7-Day Trend
Dogecoin (CRYPTO: DOGE)
$0.1949
$29.2 billion
+2.7%
-14.9%
Shiba Inu (CRYPTO: SHIB)
$0.00001315
$7.8 billion
+2.9%
-9.5%
Pepe (CRYPTO: PEPE)
$0.00001260
$5.3 billion
+8.9%
-10.2%
Trader Notes: On June 3, crypto analyst Kevin highlighted a key support zone between $0.1839 and $0.1901 as a launchpad for the next leg higher.Crypto Tony remains long from $0.148, expecting a breakout above $0.248 to confirm the next move.
Trader Tardigrade pointed to Dogecoin's 3-day RSI hovering around 50, a level that has historically preceded major rallies, with upside potential toward $1.
Meanwhile, Bitcoinsensus identified that DOGE has been respecting a logarithmic channel since 2014.
Past performances include: a 10x from 2014 to 2017 and a 37x from 2017 to 2021.
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This could lead to a possible 21x from 2021 to a projected 2025 peak.
If this pattern plays out, DOGE could reach up to $16, an extraordinary gain backed by a decade of price action rather than just short-term hype.
Statistics: On May 31, Whale Alert reported a 104.13 million DOGE transfer, worth around $20 million, to Coinbase on May 31, sparking some concerns over potential sell pressure.
Coinglass data shows Dogecoin liquidations in the past 24 hours at $3.6 million, with $2.39 million in short liquidations. Open interest in a single day spiked 3.2% while DOGE derivatives trading volume expanded by 12.4%. Options volume is up by 185%.
Community News: On June 1, Dogecoin Foundation's senior software engineer Ed Tubbs announced the release of libdogecoin v0.1.4, which introduces Trusted Execution Environment (TEE) for secure key management and signatures.
With this upgrade, Dogecoin becomes one of the first cryptocurrencies to support TEE, a feature designed to enhance wallet security in the face of rising threats across the crypto ecosystem.
Currently, DOGE boasts $1.06 billion in trading volume, reflecting growing market interest.
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This article Dogecoin Could Explode For A 2,100% Gain If This Pattern Holds, Trader Warns originally appeared on Benzinga.com
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