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Crypto Analyst Says Dogecoin Price Will Rise Over 7,200% To Reach $10, Here’s Why
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Crypto Analyst Says Dogecoin Price Will Rise Over 7,200% To Reach $10, Here’s Why

Scott Matherson
Scott Matherson
10 months ago
2 mins read
Dogecoin

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The Dogecoin price reaching double-digits remains a dream for its die-hard community, despite the meme coin failing to claim $1 even till now. Nevertheless, expectations that Dogecoin will eventually cross $10 remain high as one analyst has given reasons why the largest meme coin by market cap is set to surge by more than 7,200%.

Dogecoin To Stage A Log Breakout

Crypto analyst Javon Marks took to X (formerly Twitter) to share an interesting development on the Dogecoin chart. Marks points out that a Log Breakout could be on the horizon for the meme coin, which could lead to a massive surge in price.

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The reason for the analyst’s optimism toward the Log Breakout are what transpired for Dogecoin the previous two times that it has appeared. The first time this Log Breakout was completed for DOGE was back in the 2017-2018 bull market. This resulted in a 9,472% price increase, taking Dogecoin from a low of $0.0002 to a high of $0.01858.

Then again, in the 2020-2021 bull market, Dogecoin would undergo another Log Breakout, this time leading to an even more prominent rally than before. This was the legendary 28,882% rally of 2021 when the DOGE price went from $0.0012 to almost $0.74.

Given this historical performance and taking into account that breakouts like these often rhyme with their previous appearances, the crypto analyst believes that the Dogecoin price is set to undergo another major rally soon.

How Far Can DOGE Rise?

In his analysis, Marks presents his own expectations for the Dogecoin price should the Log Breakout be completed. According to the chart shared in the X post, Marks expects an at least 7,200% increase in the DOGE price from the current level. This would put the meme coin above $10 for the first time in history.

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The crypto analyst explains that each Log Breakout has led to a larger rally than the last, so this could mean that the DOGE price could rally higher. However, with the Dogecoin market cap already so large, such immense rallies could be hard-fought from here.

In addition to Dogecoin, Shiba Inu is another meme coin that the crypto analyst is bullish on. In an earlier analysis, Marks pointed out that the second-largest meme coin by market cap had confirmed a macro Hidden Bullish Divergence. Given this, he expects that the Shiba Inu price could rise 354% from its current level to reach its all-time high levels around $0.000081.

Dogecoin price chart from Tradingview.com
DOGE price recovers from dump | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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