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Crypto trader Melika correctly predicted that the Dogecoin the price would rise to $0.3 in October. Interestingly enough, this was only the trader’s first goal, as they also envisioned higher goals that the top meme coin could achieve in the short and long term.
Dogecoin price will rise to $3.80 in the long term
In the TradeView postMelika predicted that the Dogecoin price could rise to $3.80 in the long term. The crypto trader already gave these price targets in October based on a cup-and-handle pattern forms on the map of Dogecoin. This is a bullish continuation pattern in which the price rises after a consolidation phase.
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In October, Melika stated that if the handle pattern completes and breaks to the upside, the Dogecoin price could reach $0.38 and $0.52 as immediate targets. He added that a breakout above the pattern’s neckline could lead to a long-term price target in the $3.80 areawhich ties in with higher resistance levels, which he highlighted on the chart.
In a recent update to the October post, Melika confirmed that trading is still active and that the Dogecoin price is heading towards the target. As such, Dogecoin will likely rise to $0.52 and then to $3.80 soon enough in the long term.
Crypto analyst Dima James also recently highlighted a cup-and-handle pattern that was forming for DOGE, as he predicted that the Dogecoin price could reach $10. The analyst noted that the meme coin has formed this bullish pattern in every market cycle. Dogecoin rose over 3,300% in 2016 and 12,000% in 2021 after this cup-and-handle pattern formed.
DOGE completes first weekly Golden Cross in four years
Self-proclaimed DOGE lead analyst on X Kevin Capital revealed that Dogecoin completed textbook weekly Golden Cross for the first time in four years, with its 50 SMA exceeding 200. The analyst noted that this is a signal that the Dogecoin price is likely to rise soon enough.
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He further revealed that in 2020, when the Golden Cross When this happened, the Dogecoin price fell for a few weeks before rising to new all-time highs. As such, he warned market participants to be somewhat cautious in the short term as Dogecoin could experience another correction just like it did in 2020. However, he added that if the Bitcoin price decides to continue its uptrend, DOGE will do that too. .
Meanwhile, in another X post, Kevin Capital opined that a Dogecoin price increase to $3.90 in this market cycle seems unlikely. He added that a rise to $1.80 is also a tall order, but can certainly happen depending on Bitcoin’s performance this bull run.
At the time of writing, the Dogecoin price is trading around $0.28, up more than 25% in the last 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Credit : www.newsbtc.com
