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Recent developments suggest that crypto investors looking for the next quick 5x should keep an eye on the stock Dogecoin price. This is based on both technical and fundamental analysis, which proves that DOGE could post a 500% price increase from current levels.
Analyst predicts a 500% increase for the Dogecoin price
In one X messagecrypto analyst Javon Marks predicted a 500% increase for the Dogecoin price, representing a 5x increase from current levels. The analyst explained that Dogecoin is showing strength again, and with it historical achievementsDOGE could be set for a gain of over 432% from current levels.
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Javon Marks further noted that the Dogecoin price could rise above the 1.618 Fib extension, which is currently at $2.2. In line with this, the analyst added that market participants could still be early as DOGE could witness a price increase of five times from current levels.
Crypto analyst Trader Tardigrade also recently predicted that the Dogecoin price could rise above $2. In an X post, the analyst stated that the meme coin had formed a bull flag on the 2-day chart. According to the analyst, this DOGE bull flag pattern provides a target above $2 for the major meme coin.
The crypto analyst had previously predicted that the DOGE price could even rise as high as $8 if it reflects the 2017 bull run. He added that DOGE could also reach $30 if it reflects the 2021 bull run. These projections further prove that the top meme coin could post a price increase of at least 500% from current levels. Crypto analyst Master Kenobi has also previously predicted that Dogecoin could rise to $2 in this cycle and peak around $3.
Bullish Fundamentals also support a 5x upside for DOGE
The Dogecoin price also boasts bullish fundamentals, supporting a 5x increase from current levels. One of the fundamentals includes the possible launch of a Dogecoin exchange-traded fund (ETF) in the US. Asset manager Bitwise recently filed for a Dogecoin ETF in Delaware, indicating that a filing with the U.S. Securities and Exchange Commission (SEC) could be next.
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Asset manager REX sharesin partnership with Osprey, already filed with the SEC to offer a Dogecoin ETF. This is bullish for Dogecoin’s price, considering the amount of institutional funds that could flow into the DOGE ecosystem if the SEC approves these funds. There is also a good chance that the SEC will approve these funds, given the pro-crypto climate under Donald Trump’s administration.
It is also worth mentioning that there has been a huge accumulation trend among DOGE whales, which is also bullish for the Dogecoin price. IntoTheBlock data shows that there has been a 41% spike in the meme coin’s large trades, with $23.35 billion traded in the last 24 hours. Another bullish foundation is Elon Musk’s Department of Government Efficiency (DOGE), which puts the spotlight on the top meme coin.
At the time of writing, DOGE price is trading around $0.35, down almost 4% in the past 24 hours, according to facts from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com