Crypto analyst Javon Marks made an interesting prediction about Dogecoin, suggesting that the memes piece could soar $ 20 in this cycle. According to his technical analysis, Doge has shown An impressive record From the exponential growth of successive bull races, and if this model continues, it could make an increase of 306x or more this cycle.
However, despite historical trends, reaching such a price is accompanied by significant implications for market capitalization which raise questions about the feasibility of this prediction.
Optimistic case for Dogecoin at $ 20
The action of the Dogecoin prices in the last 24 hours has been highlighted by a decrease, which has extended in the last seven days. In particular, Dogecoin has retraced around 6.5% and 24.8% in the last 24 hours and seven days, respectively.
On the other hand, analyst Crypto Javon Marks predicted that dogecoin Could, despite, even see its price increase by 306x this cycle. The prediction of Javon Marks is based on the history of Dogecoin Performance in previous cycles. In 2017, Altcoin experienced a 90x overvoltage, while in 2021, the rally exceeded 306x. In 2017, DOGE experienced a 90x overvoltage, while in 2021, the rally exceeded 306x and culminated at its highest current level of $ 0.7316.
Using this model as a basis, Marks suggests that another similar or higher increase could occur, pushing Doge to new peaks of all time of more than $ 20. If Dogecoin was to reach this price, it would mark an increase of approximately 85x compared to its current price of $ 0.24, which complies with the yields of 2017. A 306x race, on the other hand, would put the price of Dogecoin to $ 87.
Is stock market constraints: is a Doge of $ 20 realistic?
For Dogecoin to reach $ 20, its market capitalization should increase much more That he did in previous cycles. At the time of the drafting of this document, the market capitalization of Dogecoin is 36 billion dollars. An 85x overvoltage would bring its total market to around 3 billions of dollars, given the current total number of tokens in circulation. If the assets were to follow the full trajectory brands of 306x suggest, its market capitalization was ballooned at 11 astronomical billions.
One of the only achievable scenarios where Dogecoin could reach $ 20 is so Bitcoin himself undergoes An extreme bull and reached an evaluation between $ 1 and $ 2 million per BTC. In such a case, the global cryptography market could develop, allowing memes like Doge to pay parabolic price gains.
However, for Bitcoin to reach these levels, something dramatic should happen, as an injection of massive capital on the cryptography market. One of the speculated engines is the idea that the US government could allocate thousands of dollars in a bitcoin reserve. Although such a decision would undoubtedly trigger a historic rally in the wider cryptography industry, this remains purely speculative at this stage.
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