thecryptobasic.com
Despite Dogecoin’s slow performance recently, top experts still think the asset would surge by 2,233% to $10.
Following its remarkable rally in early November, Dogecoin (DOGE) has been hovering around the $0.4 price mark over the past week. Since the rally, Dogecoin has not registered any significant upward movement, as it keeps fluctuating around 40 cents.
Despite this, market observers have remained confident about DOGE’s potential, with some predicting an incredible rally exceeding $10. Hitting a target of $10 requires Dogecoin’s price to rise by 2,233% from its current value of $0.4285.
Fresh Forecasts for DOGE to Hit $10
Notably, prominent crypto analyst Dima James Potts recently forecasted that Dogecoin would exceed $10 this bull cycle. In a recent tweet, James highlighted a historical pattern observed in Dogecoin’s weekly chart.
Referencing a red line on the accompanying chart, James noted that this indicator usually aligns with Dogecoin’s peak price in each market cycle. According to the expert, the red line for the ongoing cycle reflects a target of $24 for Dogecoin by 2025, with the price expected to increase over time.
The expert forecasted that if the pattern repeats itself, Dogecoin’s price might exceed $10 before the end of this cycle.
$DOGE $10+ DOGECOIN?!🚀🚀
This weekly chart for #DOGECOIN illustrates a consistent pattern where the red line predicts the peak of each cycle. Additionally, the highest point of the candle's wick reaches the next higher line from the red one, pinpointing the exact cycle's top.… pic.twitter.com/6OHbyW9b3b
— Ðima James Potts (@DimaPotts36) November 27, 2024
In addition, pseudonymous crypto analyst Gladiator suggested that Dogecoin’s current price movements mirror those witnessed in the previous bull cycle.
Based on the similarities, the analyst predicted that Dogecoin would embark on a parabolic run starting next year. They noted that this rally could see DOGE trade between $5 and $10 in the first quarter of next year.
Changelly Forecast
Besides James and Gladiator, other prominent crypto experts still believe Dogecoin will surge to $10 in its lifetime.
For instance, analysts at crypto trading platform Changelly echoed this sentiment in their recent analysis of Dogecoin. However, they projected that DOGE would trade close to $10 by 2040, approximately 16 years from now.
In 2040, Changelly experts expect Dogecoin to trade at a minimum price of $9.35, an average price of $9.84, and a maximum price of $11.19.
ChatGPT Prediction
Furthermore, we consulted the popular AI chatbot ChatGPT services to ascertain whether Dogecoin could hit the $10 mark in its lifetime.
Interestingly, ChatGPT thinks Dogecoin can achieve this feat, forecasting a potential timeline of 5-10 years. This puts the projected timeframe for Dogecoin to hit the $10 target at 2029 – 2034.
The chatbot highlighted certain factors that could propel DOGE to $10, such as Dogecoin’s continuous use as a payment method and a strong bull market led by Bitcoin and Ethereum.
Other Predictions Regarding DOGE Surge to $10
In October, famous crypto expert Ali Martinez asserted that $10 is a realistic target for Dogecoin. Although he did not specify a timeline for Dogecoin’s surge to the $10 mark, he highlighted a chart showing DOGE’s uptick from the base of its weekly rising wedge.
According to the analysis, if Dogecoin moves to the tip of the wedge in the chart, it will hit the $10 target.
Major Threat to Dogecoin Rise to $10
Meanwhile, Dogecoin’s inflation model poses a major challenge for the asset. Every new year, Dogecoin adds 5 billion tokens to its supply, suggesting that the asset would need a higher valuation to reach the $10 target if it takes longer to achieve the milestone.
To put this into perspective, with Dogecoin’s circulating supply at 147 billion tokens, DOGE would need a market cap of $1.47 trillion to clinch the $10 target. However, if another 5 billion tokens are added to the circulating supply, bringing it to 152 billion next year, DOGE would require a market cap of $1.52 trillion.
Nonetheless, Dogecoin can still clinch the $10 target amid growing demand from retail and institutional investors, as well as Elon Musk’s continuous endorsement of the token. This article should not be taken as financial advice; hence, caution is necessary.
At press time, DOGE trades at $0.4285, down 6.88% over the past seven days. Conversely, the token’s value has skyrocketed by 148.85% in the past 30 days and 6.41% in the past day.