Dogecoin Price Prediction: DOGE Looks Ready to Skyrocket by 5,200%, But Can It Hit $7?

Dogecoin price is gearing up for another potential rally, with one analyst stating that the meme coin “looks so ready” for a staggering 5,200% upside.

Dogecoin price is gearing up for another potential rally, with one analyst stating that the meme coin “looks so ready” for a staggering 5,200% upside.

This bullish prediction comes as market enthusiasts watch closely for the next DOGE move after it surged 45% in 10 days. The DOGE price today is $0.1394, representing a 1.4% increase in the last 24 hours. The uptick in price could be influenced by Bitcoin volatility, as the asset suddenly rose back above $67,000.

Dogecoin Price Ready For 5,200% Rally

A crypto analyst has predicted that the price of DOGE is primed to surge by 5,202% in the coming bull run. Studying the meme coin’s past performance, the analyst noted that the DOGE coin has performed exemplarily well during Bitcoin bull cycles.

In 2017, Dogecoin surged by 92X, while in the 2021 bull market, it rose by 300X. The analyst also purports that the breakout has begun. Moreover, previous DOGE bear markets lasted roughly three years before a breakout.

Before the 2017 pump, DOGE had been in a downtrend for 1,127 days, while before the 2021 bull run, the bear market lasted 1,022 days. In this cycle, the Dogecoin price had been down for 1,190 days before the breakout signal flashed on its chart.

A 5,200% increase from the current price puts DOGE at $7.367

Can DOGE Price Reach $7?

The chances of the Dogecoin price reaching $7.367 are slim, given its humongous supply, which is also inflationary. Dogecoin inflation rate is fixed, capped at 5 billion coins per year.

If the 2024 bull run mimics the 2016 bull cycle and runs until January 2026, then the Dogecoin supply will have increased by 6.25 billion, bringing the total circulating supply to 152.75 billion. At $7.367 per coin, DOGE would have a market cap of 1.125 trillion.

This is within the realm of possibility, as Bitcoin has achieved this market cap and even surpassed it. The global M2 Money Supply currently stands at $89 trillion, meaning Dogecoin would have a 1.26% share of the global money supply.

Dogecoin Eyes $0.18 As The Next Short-Term Target

A closer look at the Dogecoin price 4-hour chart shows the asset has broken above the 50-day exponential moving average (EMA) (green line) and 200-day EMA (black line), confirming an upward trend. The 50 EMA has also crossed above the 200 EMA, a Golden cross bullish crossover.

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