A widely followed crypto analyst and trader is predicting that meme token Dogecoin (DOGE) could be headed toward a major rally.
The pseudonymous analyst known as Smart Contracter tells his 210,500 Twitter followers that Dogecoin could be on the cusp of a massive rally after witnessing a multi-month downtrend and breaking out of sideways accumulation.
“Two-month accumulation breakout on DOGE with decent volume.
Probably a decent set-and-forget play to be honest.”
According to Smart Contracter, the dog-themed digital asset is currently mimicking Bitcoin’s (BTC) 2019 price action. At the time, the flagship crypto asset also broke out of sideways accumulation and rallied from around $4,000 to just under $14,000 after enduring months of heavy bearish price action.
“Yeah, I personally think [Dogecoin] has a real shot of doing what Bitcoin did in 2019. I reckon a lot of people deep down inside are thinking it, just not many people want to say it right now for fear of sounding like a crazy person.”
Based on Fibonacci retracement levels, a method of technical analysis for determining an asset’s support and resistance levels, Smart Contracter is setting a target price for Dogecoin of slightly below $0.50, suggesting an upside potential of over 500% for DOGE from its current price of $0.08.
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