500% Rise For Dogecoin? Popular Crypto Trader Says DOGE Has 'Real Shot' Of Emulating What Bitcoin Did In 2019

Dogecoin DOGE/USD could rise 500% from its current price level, according to technical analysis from a popular crypto trader. 

What Happened: The trader, who goes by the Twitter username “SmartContracter” highlighted the meme coin’s two-month accumulation breakout with adequate volume levels as an indicator of DOGE’s strength.

2 month accumulation breakout on $doge with decent volume.

probably a decent set and forget play tbh pic.twitter.com/FWOUUZGygI

— Bluntz (@SmartContracter) August 16, 2022

Using the Fibonacci retracement tool as a benchmark, the trader said that DOGE could mimic Bitcoin’s BTC/USD price movement from $4,000 to $14,0000 in 2019.

In doing so, DOGE would reclaim a price level above $0.523, as per the trader’s analysis.

yeh i personally think it has a real shot of doing what btc did in 2019.

i reckon alot of people deep down inside are thinking it, just not many ppl want to say it rn for fear of sounding like a crazy person pic.twitter.com/k3ikGmCe9B

— Bluntz (@SmartContracter) August 17, 2022

SmartContracter opined that DOGE has a “real shot” of seeing its price move in a similar trajectory to Bitcoin’s massive rally following months of bearish price movement three years ago.

According to the trader, a lot of people are likely thinking the same but not saying it out loud. 

See Also: HOW TO BUY DOGECOIN (DOGE)

On Tuesday, DOGE surged 17% to an intra-day high of $0.088 leading to over $7.3 million liquidations in a single day.