A crypto dealer and analyst is expressing an total bullish outlook on Dogecoin (DOGE) because the memecoin consolidates.
Pseudonymous analyst Altcoin Sherpa tells his 11,300 YouTube subscribers that DOGE might ultimately get away and soar to as excessive as $0.50.
Nonetheless, the analyst warns that DOGE has a comparatively giant market cap that would restrict its upside potential. He additionally says DOGE might be outperformed by different memecoins, together with Pepe (PEPE), Bonk (BONK) and dogwifhat (WIF).
“I do really suppose that DOGE will ultimately go take a look at a few of these increased ranges. I feel $0.35 to $0.40 are actually potential. Whilst excessive as perhaps $0.50 is feasible as properly. However DOGE might need the issue the place it’s simply too huge at this level… the place retail individuals would possibly simply really feel DOGE is simply too costly from a market cap perspective and simply would possibly need to be betting on one thing like Pepe or WIF or Bonk or all of those different varieties of huge cap memes the place there’s nonetheless ample liquidity, however the upside is simply greater. So DOGE might need that difficulty.”
The analyst says that total DOGE has a wholesome market construction and that the memecoin might consolidate across the $0.12 degree for some time longer earlier than breaking out.
“You understand, it nonetheless appears fairly good… I feel that DOGE is simply going to cut round however ultimately, it’ll do fairly properly in my view.”
DOGE is buying and selling for $0.11 at time of writing, down almost 4% within the final 24 hours.
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