A crypto dealer and analyst is expressing an total bullish outlook on Dogecoin (DOGE) because the memecoin consolidates.
Pseudonymous analyst Altcoin Sherpa tells his 11,300 YouTube subscribers that DOGE may ultimately escape and soar to as excessive as $0.50.
Nonetheless, the analyst warns that DOGE has a comparatively giant market cap that might restrict its upside potential. He additionally says DOGE might be outperformed by different memecoins, together with Pepe (PEPE), Bonk (BONK) and dogwifhat (WIF).
“I do really suppose that DOGE will ultimately go take a look at a few of these larger ranges. I believe $0.35 to $0.40 are definitely attainable. Whilst excessive as perhaps $0.50 is feasible as effectively. However DOGE might need the issue the place it’s simply too large at this level… the place retail members would possibly simply really feel DOGE is just too costly from a market cap perspective and simply would possibly wish to be betting on one thing like Pepe or WIF or Bonk or all of those different sorts of large cap memes the place there’s nonetheless ample liquidity, however the upside is simply larger. So DOGE might need that problem.”
The analyst says that total DOGE has a wholesome market construction and that the memecoin may consolidate across the $0.12 degree for some time longer earlier than breaking out.
“You recognize, it nonetheless seems to be fairly good… I believe that DOGE is simply going to cut round however ultimately, it’ll do fairly effectively for my part.”
DOGE is buying and selling for $0.11 at time of writing, down almost 4% within the final 24 hours.
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