Crypto Trader Predicts Dogecoin Price Could Reach $3.80 Long Term
Crypto trader Melika accurately predicted Dogecoin's price rally to $0.3 in October, establishing this as the first target among higher projections for the meme coin.
Long-Term Price Projection for Dogecoin
In a TradingView post, Melika projected that Dogecoin could reach $3.80 in the long term, based on a cup-and-handle pattern forming on its chart. This pattern indicates a bullish continuation after a consolidation phase.
Melika noted that if the handle pattern completes and breaks upward, immediate targets would be $0.38 and $0.52. A breakout above the pattern’s neckline could confirm a long-term target near the $3.80 area, aligning with identified resistance levels.
In a recent update, Melika confirmed that Dogecoin is on track toward these targets, likely reaching $0.52 soon and aiming for $3.80 in the long term.
Analyst Dima James also identified a cup-and-handle pattern for DOGE, predicting a potential rise to $10. He highlighted that this pattern has historically preceded significant rallies, with past increases of over 3,300% in 2016 and 12,000% in 2021.
DOGE Completes Weekly Golden Cross
Kevin Capital, a self-identified DOGE analyst on X, reported that Dogecoin achieved a weekly Golden Cross for the first time in four years, with the 50 SMA crossing the 200 SMA. This event typically signals a potential price increase.
He cautioned that in 2020, following a Golden Cross, Dogecoin experienced a temporary price dip before ultimately hitting new all-time highs. Caution is advised as Dogecoin may again see a correction, depending on Bitcoin's performance.
In another post, Kevin Capital assessed that a rise to $3.90 seems unlikely in the current market cycle, while a move to $1.80 remains possible contingent on Bitcoin's trajectory during this bull run.
Currently, Dogecoin trades at approximately $0.28, reflecting a 25% increase over the last 24 hours, according to CoinMarketCap.
