A popular cryptocurrency analyst has recently predicted that the price of Dogecoin ($DOGE), a leading meme-inpsired cryptocurrency, could soon surge by over 170% based on recurring patterns on the cryptocurrency’s chart.
In a post shared with their over 300,000 followers on the microblogging platform X (formerly Twitter), analyst Crypto Tony shared a price chart predicting an impeding surge for the meme-inspired cryptocurrency’s price, pointing to a 170% and saying “we all know the game plan on DOGE, right.”
The chart Tony shared with his followers shows that DOGE is expected to ascend to around $0.17 before April 2024, which would mean the cryptocurrency has an upside of 170% from current levels, according to the prediction.
The ascent isn’t going to be straightforward however, with Tony forecasting a 33% price drop for DOGE in November of this year, followed by a rebound with an increase of around 35% set to kick off early next year.
Crypto Tony’s tweets also underscored the imperative of grasping market cycles, particularly in the volatile cryptocurrency sector. The analyst noted that in every financial market cycles persist, and suggested investors should learn “ to observe what cycle we are in and when the transition into coming into the next phase.”
Turning to Bitcoin, Tony expressed optimism, saying that the flagship cryptocurrency has the potential to surge in the coming weeks, but noted it’s possible the cryptocurrency could dip below $25,000 before surging.
Notably, Dogecoin was revealed to be among the cryptocurrency holdings of the San Francisco-based banking institution SoFi, which revealed it owned $ $166 million in cryptocurrency. Of these holdings, $82 million are in Bitcoin, while $55 million are in the second-largest digital currency by market capitalization Ethereum. Around $4.5 million are in Cardano, while $4.9 million are in the meme-inspired cryptocurrency DOGE.
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