Dogecoin, a digital currency with a dog theme, is gaining popularity among crypto traders.DOGE() could soar by 6x its current value.
Altcoin Sherpa is a pseudonymous analyst. tells Elon Musk, one of the biggest memecoin cheerleaders on social media, told his 209 800 followers on X platform that DOGE would reach $1 with the help of Elon’s billionaire supporters.
Musk’s support of DOGE coincides with the large rallies. Some believe that he will eventually integrate DOGE into X to serve as a form of payment.
The trader warns, however, that his timing is not certain and may take months.
“DOGE”: random notes about this one
-I believe that this does stupid things, like go up to $1 or more. It has too much power with Elon, and it’s still the king meme.
When will this happen? I don’t know. It could be today, or it could be in six months.
It won’t provide the same returns in 2021 due to market cap.
-This is a *relatively* safe trade in my opinion (IMO). Like I think that the odds of this happening several times is high. Does it have a better risk-reward ratio than other things like SOL? I don’t know. You can go as far down as you want on the risk curve.”
The trader also pays close attention to whether DOGE can convert two key resistances levels into support at $0.05 and $0.35. This would help confirm the bullish stance.
“The chart looks great in my opinion. Chopped for 650 days and then exploded up. $0.20 and $0.35 are the next interesting areas up.”
DOGE currently trades at $0.15, an increase of 5.6% from the previous 24 hours.
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