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What's the price target for perhaps the most popular meme cryptocurrency, Dogecoin (DOGE)? The question has probably been asked by many, but answered by few. However, analyst Ali Martinez, who is widely known in crypto circles, has an insight into where DOGE's price might be headed.
In his recent outlook on the meme coin, Martinez drew attention to the ascending price range for Dogecoin, which takes its roots all the way back to 2015, when DOGE first emerged thanks to Billy Markus and Jackson Palmer.
Arman ShirinyanFrom the analyst's point of view, the meme coin is moving in a price range that is upward sloping in the long term. But every next step depends on the ability to hold certain levels.
Currently, the key level for Dogecoin is the support zone between $0.16 and $0.19. If the price of DOGE manages to hold above this zone, then the meme cryptocurrency may be destined for $4.
To put it in perspective, that's about a 1,900% jump from the current price. If this prediction comes true, it would mean a market capitalization of $575 billion for the meme coin. That's twice as much as Ethereum (ETH), the largest alternative cryptocurrency right now.
Vladislav SopovOf course, this is a long-term vision. The all-time high for Dogecoin is $0.74 and was set in 2021, four years ago. It took DOGE over six years to get there. One could argue that things speed up with time. This may be true, but it is probably still months and years before Dogecoin ever reaches $4.
For now, however, all eyes are on whether the support will serve as intended.
Dan Burgin
Vladislav Sopov