Analysts have questioned when Dogecoin could see substantial price growth, citing the potential of XRP profits to drive the upside.
Despite recent gains, Dogecoin is lagging behind in the ongoing bull run. Its closest rivals, like BNB and Solana, broke their all-time highs from the last bull season, while Dogecoin largely consolidated in the $0.40 range.
Meanwhile, analysts are increasingly predicting the end of Dogecoin’s ongoing consolidation phase. In a recent jobanalyst Professor Astrones outlined a timetable for which he expects Dogecoin to reach between $3 and $5.
Timeline for Dogecoin to reach $3 to $5
Astrones first highlighted that $1 is his most immediate projection for Dogecoin, which he believes will happen faster than many imagine.
From there, he expects higher levels to follow more easily. Specifically, according to Astrones, after surpassing $1, Dogecoin could trade between $3 and $5 “very easily” by next year.
Dogecoin is currently trading at $0.4221, with a gain of 2% over the past day. The price of the meme coin must increase by 610% to reach $3 and by 1,082% to reach $5.
According to Professor Astrones, the drivers of this expected Dogecoin rally will be the profits that market participants are currently enjoying thanks to XRP.
XRP money will flow into Dogecoin
The price of XRP has doubled in the last seven days. With this action, investors hold XRP in the last 30 days we have recorded a massive profit of 422%.
Amid XRP’s explosive rally, Dogecoin remained largely stagnant, hovering around the $0.40 price range. This allowed XRP to overtake Dogecoin in terms of market capitalization, now representing more than double Dogecoin’s valuation.
Analysts now predict that XRP’s bullish momentum may soon fadesimilar to Dogecoin’s previous performance, creating an opportunity for the meme coin to regain its dominance.
Dogecoin Mirror XRP Pattern
Interestingly, other analysts, such as Jacob Canfield, have drawn similarities between the candlestick patterns of XRP and Dogecoin. Canfield observed that Dogecoin’s current movement closely resembles that of XRP on shorter time frames.
His analysis revealed higher lows forming, with Dogecoin maintaining previous resistance levels as new support. This trend suggests the possibility of continued bullish momentum.
When Dogecoin will spark a coin frenzy
In another analysis, Rekt Capital highlighted the formation of a daily ascending triangle for Dogecoin. The chart shows Dogecoin breaking out of the trend with horizontal resistance above $0.4368.
Rekt Capital noted that a daily close above $0.43 is crucial for DOGE to validate the breakout, which occurred shortly after. During this time he note that a decline from this point would just be another post-breakout test. Once the confirmation is successful, another coin frenzy could follow.
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