Dogecoin Price Target Set at $8 by Analyst During Livestream
The recent livestream by Cantonese Cat focused on Dogecoin's (https://holder.io/coins/doge/) long-term potential, suggesting it could rise to between $5 and $8 based on current technical formations. Key points include:
- Dogecoin exhibits a "cup and handle" pattern, indicating bullish momentum.
- The price remains supported by the 20-month simple moving average, crucial for previous bull cycles.
- Current price action indicates consolidation beneath the Ichimoku cloud, paving the way for future upward movement.
- Long-term traders are encouraged to accumulate DOGE near the 20-month SMA, currently positioned just below the handle.
- A breakout is anticipated to coincide with an alt-season, providing a significant return potential of 3,000–5,000% from present levels.
- As of now, DOGE is trading at approximately $0.177.
