Crypto analyst Javon Marks has made an interesting prediction on Dogececoin, indicating that the MEME coin could the skyrocket to $ 20 in this cycle. According to his technical analysis, Doge has shown An impressive record Of exponential growth in successive bull runs, and if this pattern continues, it can achieve a 306x increase or more this cycle.
However, despite the historical trends, it will reach such a price point with significant marketing consequences that raise questions about the feasibility of this prediction.
Bullish Case for Dogecoin to $ 20
Dogecoin’s price action over the past 24 hours has been marked by a decline, which has been stretched over the past seven days. In particular, Dogecoin has been recalled by approximately 6.5% and 24.8% respectively in the last 24 hours and seven days respectively.
On the other hand, crypto analyst Javon Marks Predicted the Dogecoin Despite this, could still see the price increase with 306x this bike. Javon Mark’s prediction is based on Dogecoin’s historical performance in previous cycles. In 2017, Altcoin experienced a 90x power, while Rally in 2021 exceeded 306x. In 2017, Doge experienced a 90x power, while Rally in 2021 exceeded 306X and topped to its current highest time of $ 0.7316.
By using this pattern as a base, Marks suggests that another similar or larger increase may occur and drive the dock to new highest peaks over $ 20. If Dogecoin would reach this price point, it would mark an increase of about 85 times from its current price on $ 0.24, which is in line with the 2017 return. A 306X driving, on the other hand, would set the Dogecoin price to $ 87.
Market Cap restrictions: Is a $ 20 Dogge realistic?
In order for Dogecoin to reach $ 20, its market value would need to increase significantly more than it did in the previous cycles. At the time of writing, Dogecoin’s market value is $ 36 billion. An 85X increase would lead its total market to about $ 3 trillion, given the current total number of circulating tokens. If the asset were to follow the full 306X tracks suggest, its market value balloon would be an astronomical $ 11 trillion.
One of the only feasible scenarios where Dogecoin can reach $ 20 is if Bitcoin himself undergoes An extreme bull driving and reaches an valuation between $ 1 million and $ 2 million per BTC. In such a case, the overall crypto market can expand, which allows MEME coins as Dogge to go on parabolic price profits.
But for Bitcoin to reach these levels, something dramatic would have to happen, like a massive capital injection in the crypto market. One of the speculated drivers is the idea that the US government can assign trillion dollars into a bitcoin reserve. While such a trait would undoubtedly trigger a historical rally over the wider crypto industry, this remains purely speculative at this time.
Image from Unsplash, chart from tradingview.com
