A well-known cryptocurrency analyst, Crypto Tony, has made a prediction regarding the price of Dogecoin ($DOGE), a meme-inspired cryptocurrency. According to Crypto Tony, based on recurring patterns on DOGE’s chart, the price of the cryptocurrency could surge by over 170% in the near future.
The analyst shared a price chart with their followers, indicating that DOGE could reach approximately $0.17 by April 2024, representing a significant upside from its current levels. However, the ascent might not be smooth, as Tony also foresees a 33% price drop for DOGE in November of this year, followed by a rebound in early 2023 with a 35% increase.
Crypto Tony emphasized the importance of understanding market cycles in the volatile cryptocurrency sector and advised investors to observe which cycle they are in and when the transition to the next phase may occur.
Additionally, the analyst expressed optimism about Bitcoin, suggesting that it has the potential to surge in the coming weeks but cautioned that it might experience a dip below $25,000 before any significant upward movement.
Interestingly, Dogecoin was revealed to be among the cryptocurrency holdings of San Francisco-based banking institution SoFi, with $166 million in total cryptocurrency assets. Of this amount, $4.9 million is in Dogecoin, alongside Bitcoin, Ethereum, and Cardano.
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