ADVERTISE HERE #7
A widely followed crypto analyst and trader is predicting that meme token Dogecoin (DOGE) could be headed toward a major rally.
The pseudonymous analyst known as Smart Contracter tells his 210,500 Twitter followers that Dogecoin could be on the cusp of a massive rally after witnessing a multi-month downtrend and breaking out of sideways accumulation.
“Two-month accumulation breakout on DOGE with decent volume.
Probably a decent set-and-forget play to be honest.”
According to Smart Contracter, the dog-themed digital asset is currently mimicking Bitcoin’s (BTC) 2019 price action. At the time, the flagship crypto asset also broke out of sideways accumulation and rallied from around $4,000 to just under $14,000 after enduring months of heavy bearish price action.
“Yeah, I personally think [Dogecoin] has a real shot of doing what Bitcoin did in 2019. I reckon a lot of people deep down inside are thinking it, just not many people want to say it right now for fear of sounding like a crazy person.”
Based on Fibonacci retracement levels, a method of technical analysis for determining an asset’s support and resistance levels, Smart Contracter is setting a target price for Dogecoin of slightly below $0.50, suggesting an upside potential of over 500% for DOGE from its current price of $0.08.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Formatoriginal/TierneyMJ