A crypto dealer and analyst is expressing an general bullish outlook on Dogecoin (DOGE) because the memecoin consolidates.
Pseudonymous analyst Altcoin Sherpa tells his 11,300 YouTube subscribers that DOGE might finally escape and soar to as excessive as $0.50.
Nevertheless, the analyst warns that DOGE has a comparatively giant market cap that might restrict its upside potential. He additionally says DOGE may very well be outperformed by different memecoins, together with Pepe (PEPE), Bonk (BONK) and dogwifhat (WIF).
“I do really suppose that DOGE will finally go check a few of these greater ranges. I feel $0.35 to $0.40 are definitely attainable. Whilst excessive as possibly $0.50 is feasible as effectively. However DOGE may need the issue the place it’s simply too huge at this level… the place retail members may simply really feel DOGE is just too costly from a market cap perspective and simply may need to be betting on one thing like Pepe or WIF or Bonk or all of those different sorts of huge cap memes the place there’s nonetheless ample liquidity, however the upside is simply larger. So DOGE may need that challenge.”
The analyst says that general DOGE has a wholesome market construction and that the memecoin might consolidate across the $0.12 stage for some time longer earlier than breaking out.
“You recognize, it nonetheless seems to be fairly good… I feel that DOGE is simply going to cut round however finally, it’ll do fairly effectively in my view.”
DOGE is buying and selling for $0.11 at time of writing, down practically 4% within the final 24 hours.
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