500% Rise For Dogecoin? Popular Crypto Trader Says DOGE Has 'Real Shot' Of Emulating What Bitcoin Did In 2019

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.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyLong IdeasNewsMarketsTrading IdeasdogecoinMeme Coins
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!