Recent developments suggest that crypto investors looking to catch the next 5x fast should keep an eye on the Dogecoin price online. This is based on technical and fundamental analysis, which confirms that DOGE could register a 500% price increase from its current level.
The analyst predicts a 500% increase for the price of Dogecoin
In the X postcrypto analyst Javon Marks predicted a 500% increase for the price of Dogecoin, representing a 5x increase from its current level. The analyst explained that Dogecoin is back showing strength, and with a historical achievementDOGE can be set for a gain of at least 432% from its current level.
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Javon marks he also said that the price of Dogecoin could rally above the 1.618 Fib extension, which is currently at $2.2. According to this, the analyst said that market participants may still be early, as DOGE may see a 5x increase in price from its current level.
Crypto analyst Commercial Tardigrade It was also recently expected that the price of Dogecoin could rally above $2. In X's post, the analyst said that the meme coin had formed a bullish flag on the 2-day chart. According to the analysis, this DOGE bullish flag pattern places a target of over $2 for the main meme coin.
The crypto analyst had previously predicted that the price of DOGE could even rally as high as $8 if it mirrors the bull run of 2017. He said that DOGE could also reach $30 if it mirrors the bull run of 2021 .These projections further confirm that the most important meme coin could register at least a 500% price increase from its current level. Crypto analyst Master Kenobi also previously predicted that Dogecoin could rally to $2 in this cycle and top around $3.
Bullish Basics also supports a 5x increase for DOGE
Dogecoin price also has bullish fundamentals, which supports a 5x increase from its current level. One of the foundations includes the launch of the Dogecoin exchange-traded fund (ETF) in the US. Asset manager Bitwise was recently installed for the Dogecoin ETF in Delaware, indicating that a filing with the US Securities and Exchange Commission (SEC) could be next.
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Asset manager Rates of the company REXin collaboration with Osprey, has already filed with the SEC to offer a Dogecoin ETF. This is bullish for the price of Dogecoin, considering the amount of institutional funds that could flow into the DOGE ecosystem if the SEC approves these funds. It is also very likely that the SEC will approve these funds, considering the pro-crypto climate under the Donald Trump administration.
It is also worth mentioning that there has been a huge trend among DOGE whales, who are also bullish for the price of Dogecoin. Data IntoTheBlock shows that there has been a 41% spike in large meme coin transactions, with $23.35 billion traded in the past 24 hours. Another bullish foundation is Elon Musk's Department of Government Efficiency (DOGE), which is putting the main meme coin in the spotlight.
At the time of writing, the price of DOGE is trading at around $0.35, down nearly 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
