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Crypto trader Melika rightly predicted that the Dogecoin the price would rise to $0.3 in October. Interestingly, these were only the trader’s first goal, as they also provided higher goals that the leading coin could achieve in the short and long term.
Dogecoin Price Expected to Reach $3.80 in Long Term
In the TradingView articleMelika predicted that Dogecoin price could reach $3.80 in the long term. The crypto trader gave these price targets in October based on a cup and handle pattern forming on the Dogecoin chart. This is a bullish continuation pattern in which the price rebounds after a consolidation phase.
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Last October, Melika said that if the handle pattern ends and breaks higher, Dogecoin price could reach $0.38 and $0.52 as immediate targets. He added that a breakout above the neckline of the pattern could lead to a long-term price target in the $3.80 zonewhich aligns with higher resistance levels, which he highlighted on the chart.
In a recent update to the October post, Melika confirmed that the transaction is still active and the Dogecoin price is heading towards the target. As such, Dogecoin will likely reach $0.52 fairly soon and then $3.80 in the long term.
Crypto analyst Dima James also recently highlighted a cup and handle pattern forming for DOGE, as he predicted that Dogecoin price could reach $10. The analyst noted that the meme coin has formed this uptrend with every market cycle. Dogecoin rose over 3,300% in 2016 and 12,000% in 2021 after this cup-and-handle pattern formed.
DOGE Completes First Weekly Gold Cross in Four Years
Self-proclaimed DOGE Senior Analyst on X Kevin Capital revealed that Dogecoin completed the weekly Golden Cross manual for the first time in four years, with the 50 SMA crossing the 200. The analyst noted that this indicates that the price of Dogecoin will likely rise soon enough.
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He further revealed that in 2020, when the Golden Cross happened, the price of Dogecoin fell for a few weeks before reaching new all-time highs. As such, he warned market participants to be slightly cautious in the short term since Dogecoin could experience a correction again, just like in 2020. However, he added that if the Bitcoin price decides to maintain its upward trend the rise, then DOGE will also do so. .
Meanwhile, in another X article, Kevin Capital estimated that a Dogecoin price rise to $3.90 during this market cycle seems unlikely. He added that a rise to $1.80 is also exaggerated, but can certainly happen depending on how Bitcoin performs in this bull race.
At the time of writing, Dogecoin price is trading at around $0.28, up over 25% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
