Dogecoin (DOGE) holders are starting to pay attention to a new altcoin that some are calling “XRP 2.0.” This new cryptocurrency has been getting a lot of attention lately, with many believing it has a better chance of hitting $1 in February compared to Dogecoin. People are excited about its potential and think it might have a bright future ahead.
How High Can DOGE Go Before The Cycle Ends?
Popular meme coin Dogecoin (DOGE) has many traders speculating how high its price may rise. Elliott Wave forecasts indicate that Dogecoin may be on a significant price rise. Elliott Wave theory holds that the 5th wave usually exceeds the peak of the 3rd wave after the third wave in a cycle. For Dogecoin, the apex of the third wave is $0.7316; breaking beyond this level might prove somewhat difficult.
Some experts think the price of Dogecoin may climb as high as $5 before the cycle finishes. From the $0.3265 price of Dogecoin right now, this would be a huge rise. Should Dogecoin hit this level, it would indicate a gain of around 1,430% from where it is presently, therefore offering significant rewards to early adopters.
Nonetheless, there is a drawback. Once at a possible top of $5, Dogecoin can see a dramatic decline. Elliott Wave theory holds that after a significant price increase there will be a correction—a drop in price. Under this scenario, the price can revert to as low as $0.20. Therefore, traders should be careful even if Dogecoin could have a possibility to soar. The market can become bearish and the value of Dogecoin might drop rapidly.
Dogecoin is trading right now at $0.3265 and has lately seen a little drop. Although there is a possibility for a large gathering, bear in mind that the bitcoin market can be rather erratic and things change fast.
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Author: Crypto Daily
