Despite recent market struggles, a well-known analyst believes Dogecoin (DOGE ($0.25)) is primed for a historic rally. The meme coin recently dropped over 23% in February, bringing its year-to-date losses to 20%. However, XForceGlobal sees this as a setup for a major breakout. He insists that Dogecoin will reward patient holders with significant gains.
Bullish Signals Indicate a Dogecoin Surge
On February 18, XForceGlobal, a certified Elliott Wave analyst, shared an optimistic outlook on Dogecoin’s future. He believes DOGE has the strongest potential among meme coins for a fivefold to tenfold rally. His analysis relies on DOGE’s historical price movements, which align with Elliott Wave Theory.
Source| XAccording to his findings, DOGE currently sits in the final stages of an Elliott Wave cycle. If this pattern holds, Dogecoin could surge to $9. That price level would push the meme coin’s market cap to an astonishing $1.33 trillion at its current circulating supply of 148.1 billion tokens.
Market Cap Misconceptions: Analyst Clarifies the Issue
Critics argue that a $1.33 trillion market cap for Dogecoin is unrealistic. Many believe that such a valuation would be unsustainable. However, XForceGlobal disagrees, stating that market cap is often misunderstood.
He explains that while market cap matters, it does not define an asset’s growth potential. Instead, liquidity, adoption rates, token distribution, and marginal demand influence an asset’s future price movements. Dismissing Dogecoin’s potential based on market cap alone does not make sense.
Other Analysts Predict a Major Dogecoin Rally
XForceGlobal is not the only expert predicting a massive price upswing for Dogecoin. Other analysts, including Trader Tardigrade, forecast a surge of 3,310%, pushing DOGE to $9.
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Similarly, another market watcher, Doge Lord, expects Dogecoin to rise to $6 once it completes its fifth Elliott Wave. Even more aggressive forecasts place DOGE’s future price at $10 or even $13.66. These projections suggest that the current correction may be a perfect buying opportunity for long-term holders.
Dogecoin’s Current Price Action
DOGE Price Action. Source| CoinMarketCapRight now, Dogecoin trades at $0.2544, reflecting a modest 0.55% gain in the past 24 hours. Although far from its ambitious price targets, DOGE’s historical price movements suggest a major rally may be ahead.
Investors who analyze past cycles see similarities between today’s price action and previous breakout periods. If history repeats itself, Dogecoin may be on the verge of a significant move.
Should Investors Buy Dogecoin Now?
Skeptics continue to question whether Dogecoin can realistically achieve a 10x rally. However, Dogecoin has repeatedly surprised the market with its explosive growth.
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If history, technical analysis, and market trends align, DOGE may once again defy expectations. However, as with all investments, traders should approach with caution and proper risk management.
The post Dogecoin Eyes $9 Breakout: 3,310% Surge on the Horizon? appeared first on FXcrypto News.
