A new one Dogecoin Price Analysis reveals the potential for the number one meme coin to soar to a new all-time high at $4. According to a crypto analyst, this bullish goal could become a reality if Dogecoin can maintain its position above a critical support level around $0.35 . Moreover, the analyst points out factors such as Tesla CEO Elon Musk‘s continued support for Dogecoin, and sees it as a key trigger to drive a price increase for DOGE.
Dogecoin Price Set for $4 Rally
A TradingView crypto analyst identified as ‘Goldbug’ has done just that projected that the Dogecoin price could reach $4 with Musk’s continued approval. The analyst sees the support from SpaceX’s CEO as a major catalyst that could push the meme coin’s price higher.
Recently, Dogecoin broke out of the resistance and consolidating, indicating a potential to rise even further. The analyst revealed that he took a long position in Dogecoin when it was around $0.16 to $0.17, anticipating an upward move.
Goldbug has one crucial level of support at $0.2, where the Dogecoin price is expected to hold to find stability. Furthermore, the analyst predicts that if Dogecoin can maintain its position above the $0.35 level, it could trigger a continued bullish trend, potentially pushing its price towards $4.
The TradingView analyst has noted that market patterns for Dogecoin tend to repeat, suggesting that past trends could be indicators of the meme coin’s value. future price action. Goldbug shared a price chart depicting the Dogecoin price rally during the 2021 bull run and revealed that the meme coin is currently showing a similar bullish setup. He emphasized that once Dogecoin surpasses previous highs experiences a sharp upward movementthe $4 price target would be closer than ever.
While anticipating a potential Dogecoin rallyGoldbug has revealed that he will be adding more DOGE to his holdings. He advises investors and traders to secure their positions ahead of the expected price rise, highlighting that $4 was an achievable target for Dogecoin.
Analyst Says Most Altcoins Are Going To Zero
In his Dogecoin analysis on TradingView, Goldbug revealed that he was only in favor of Dogecoin Musk’s influence. He underlined that, apart from Bitcoin, DOGE was the only altcoin he invested in. The analyst also expressed skepticism about other altcoins on 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 biggest strength being Musk’s support. This support, combined with the growing community and increasing adoption, has positioned itself Dogecoin as the top cryptocurrency on the market. Moreover, the TradingView analyst predicts that this will happen most in the long term altcoins will drop to zero value.
Featured image created with Dall.E, chart from Tradingview.com