Dogecoin DOGE/USD could rise 500% from its current price level, according to technical analysis from a popular crypto trader.
What Happened: The trader, who goes by the Twitter username “SmartContracter” highlighted the meme coin’s two-month accumulation breakout with adequate volume levels as an indicator of DOGE’s strength.
Using the Fibonacci retracement tool as a benchmark, the trader said that DOGE could mimic Bitcoin’s BTC/USD price movement from $4,000 to $14,0000 in 2019.
In doing so, DOGE would reclaim a price level above $0.523, as per the trader’s analysis.
SmartContracter opined that DOGE has a “real shot” of seeing its price move in a similar trajectory to Bitcoin’s massive rally following months of bearish price movement three years ago.
According to the trader, a lot of people are likely thinking the same but not saying it out loud.
See Also: HOW TO BUY DOGECOIN (DOGE)
On Tuesday, DOGE surged 17% to an intra-day high of $0.088 leading to over $7.3 million liquidations in a single day.
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