Dogecoin about to explode? DOGE Mimics Bitcoin Ahead of BTC’s Massive 2019 Rally, Crypto Trader Says
A popular crypto analyst and trader predicts that meme token Dogecoin (DOGE) could be heading for a major rally.
The pseudonymous analyst smart contracter tells its 210,500 Twitter followers that Dogecoin may be on the cusp of a massive rally after enduring 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 game to be honest.”
Source: SmartContracter/Twitter
According to Smart Contracter, the dog-themed digital asset is currently mimicking the Bitcoin (BTC) 2019 price action. At the same time, the flagship crypto asset also broke out of sideways accumulation, recovering from around $4,000 to just under $14,000 after enduring months of sharp bearish price action.
“Yes, I personally think so [Dogecoin] has a real shot at doing what bitcoin did in 2019. I guess a lot of people think about it deep down, just not a lot of people want to say it now for fear of sounding like a crazy person.”
Based on Fibonacci retracement levels, a technical analysis method of determining an asset’s support and resistance levels, Smart Contracter sets a price target for Dogecoin of just under $0.50, implying over 500% upside potential for DOGE from suggesting its current price of $0.08.
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