A new Dogecoin price analysis reveals the potential for the number one meme coin to surge to a new all-time high at $4. According to a crypto analyst, this bullish target could become a reality if Dogecoin can maintain its position above a critical support level of around $0.35. Additionally, the analyst points to factors like Tesla CEO Elon Musk‘s ongoing support for Dogecoin, viewing it as a major trigger set to drive a price rally for DOGE.
Dogecoin Price Set For $4 Rally
A TradingView crypto analyst identified as ‘Goldbug’ has projected that the Dogecoin price could reach $4 with Musk’s continual endorsement. The analyst views the SpaceX CEO’s support as a significant catalyst that could propel the price of the meme coin upwards.
Recently, Dogecoin broke out of resistance and is consolidating, indicating a potential to surge even higher. The analyst revealed that he had entered a long position in Dogecoin when it was around $0.16 to $0.17, anticipating an upward movement.
Goldbug has identified a crucial support level at $0.2, where the Dogecoin price is expected to hold to find stability. Additionally, if Dogecoin can maintain its position above the $0.35 level, the analyst predicts it could trigger a sustained bullish trend, potentially pushing the price toward $4.
The TradingView analyst has observed that market patterns for Dogecoin often repeat, hinting that past trends can be indicators of the meme coin’s future price action. Sharing a price chart depicting the Dogecoin price rally during the bull run in 2021, Goldbug disclosed that the meme coin is currently displaying a similar bullish setup. He emphasized that once Dogecoin surpasses previous highs and experiences a sharp move upwards, the $4 price target would be closer than ever.
While he anticipates a potential Dogecoin rally, Goldbug has revealed that he will add more DOGE to his holdings. He advises investors and traders to secure their positions ahead of the projected price surge, underscoring that $4 was an achievable target for Dogecoin.
Analyst Says Most Altcoins Are Heading To Zero
In his Dogecoin analysis on TradingView, Goldbug revealed that he was partial to Dogecoin only because of Musk’s influence. He underscored that other than Bitcoin, DOGE was the only altcoin he invested in. The analyst also expressed skepticism about other altcoins in the market, suggesting that most will eventually lose value and only a few will survive in the long term.
Goldbug has surmised that Dogecoin has the potential to be among the survivors, with its greatest strength being the support from Musk. This backing, combined with its growing community and increasing adoption, has positioned Dogecoin as a top cryptocurrency in the market. Furthermore, the TradingView analyst predicts that in the long run, most altcoins will decline to a zero value.
Featured image created with Dall.E, chart from Tradingview.com