DOGE Price Predicts New Record Breaks, This Is Crypto Analyst Prediction About Dogecoin

Dogecoin (DOGE) is predicted to experience an increase by crypto analyst Ali Martinez. (Photo; Doc. Unsplash)

JAKARTA - Dogecoin, a cryptocurrency asset inspired by the Shiba Inu dog meme, has the potential to experience a very high price increase in April. This view was conveyed by crypto analyst Ali Martinez. He estimates that Dogecoin could reach the level of US$3.5 (Rp54,778) per coin, surpassing previous record highs.

Analysis Based On History Of Dogecoin Prices

Martinez based his predictions on the historical pattern of Dogecoin prices on the crypto market. He shows a graph featuring Dogecoin price movements within a weekly period, from 2014 to now.

From the graph, it can be seen that Dogecoin tends to experience a consolidation or decrease period of 97 weeks after reaching its lowest point. After that, Dogecoin usually experiences a very large parabolic rally, which makes the price soar by thousands of percent in a short time.

This happened in 2017, when Dogecoin rose more than 8,700% from $0.0002 (Rp3.13) to $0.018 (Rp281) per coin. This also happened in 2021, when Dogecoin jumped more than 23,000% from $0.003 (Rp46.95) to $0.735 (Rp11,503) per coin.

Martinez said that Dogecoin is currently at the end of its 97 week period, and if history repeats itself, then Dogecoin will soon start its next parabolic rally. He estimates that Dogecoin could hit the level of US$3.5 (Rp54,778) per coin, up about 4,000% from the current price.

Dogecoin Reli Supporting Factors

Apart from historical patterns, there are also several other factors that can support future Dogecoin price increases. One of them is the support of well-known figures, such as Elon Musk, CEO of Tesla and SpaceX, who often promotes Dogecoin on his social media.

Another factor is the popularity of Dogecoin among the crypto community, which often uses Dogecoin as a medium of exchange, donation, or reward on platforms such as Reddit, Twitter, and Twitch. Dogecoin also has a reputation as an environmentally friendly crypto asset, for using energy-efficient hashgraph technology.

In addition, Dogecoin also has the potential to be one of the options for Central Bank Digital Currecies (CBDC), as it has high transaction speeds, low transaction fees, and relative price stability. Several countries, such as Venezuela and El Salvador, have begun to consider using Dogecoin as CBDC.