Analysts have weighed in on when Dogecoin could experience a substantial price growth, citing the potential for XRP profits to drive the surge.
Despite recent gains, Dogecoin has lagged in the ongoing bull run. Its closest rivals, like BNB and Solana, have broken their all-time highs from the last bull season, while Dogecoin has largely consolidated in the $0.40 range.
Meanwhile, analysts are increasingly projecting the end of Dogecoin’s ongoing consolidation phase. In a recent post, analyst Professor Astrones highlighted a timeline for when he expects Dogecoin to reach between $3 and $5.
Timeline for Dogecoin to Hit $3 to $5
Astrones first emphasized that $1 is his most immediate projection for Dogecoin, which he believes will happen faster than many imagine.
From there, he expects higher levels to follow more easily. Specifically, according to Astrones, after breaking $1, Dogecoin could trade between $3 and $5 “very easily” by next year.
Dogecoin is currently trading at $0.4221, with a 2% gain over the past day. The meme coin’s price needs to grow by 610% to reach $3 and 1,082% to hit $5.
According to Professor Astrones, the drivers of this projected Dogecoin rally will be the profits market participants are currently enjoying from XRP.
XRP Money to Flow into Dogecoin
XRP’s price has doubled over the past seven days. With this action, investors holding XRP for the last 30 days are seeing a massive 422% profit.
Amid XRP’s explosive rally, Dogecoin has largely remained stagnant, hovering around the $0.40 price range. This has allowed XRP to surpass Dogecoin in market cap, now commanding more than double Dogecoin’s valuation.
Analysts now project that XRP’s bullish momentum may soon fade, similar to Dogecoin’s previous performance, creating an opportunity for the meme coin to regain dominance.
Dogecoin Mirroring XRP Pattern
Interestingly, other analysts, like Jacob Canfield, have drawn similarities between the candlestick patterns of XRP and Dogecoin. Canfield observed that Dogecoin’s current movement closely resembles that of XRP on shorter time frames.
His analysis revealed the formation of higher lows, with Dogecoin maintaining previous resistance levels as new support. This pattern points to the possibility of continued upward momentum.
When Dogecoin Will Trigger a Meme Coin Frenzy
In a different analysis, Rekt Capital highlighted the formation of a daily ascending triangle for Dogecoin. The chart illustrates Dogecoin breaking out of the pattern with horizontal resistance above $0.4368.
Rekt Capital noted that a daily close above $0.43 is crucial for DOGE to validate the breakout, which took place shortly after. Meanwhile, he noted that a dip from this point would merely be a post-breakout retest. Upon successful confirmation, another meme coin frenzy could follow.
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