A pseudonymous cryptocurrency analyst believes meme cryptocurrency Dogecoin (CRYPTO: DOGE) could skyrocket, possibly reaching a $5 mark—a prediction that spells a 6000% increase from its current value.

What Happened: The analyst shared a DOGE chart on TradingView, detailing critical points such as a retest at $0.056 and a breakout at $0.072, leading up to an anticipated surge to $5.

At the time of writing, Dogecoin was trading at $0.080. 

CryptoPatel said, “The DOGECOIN pattern is repeating, signaling a massive blast-off just around the corner. A perfect retest is approaching, creating an incredible entry setup. Once the retest is complete, watch Dogecoin soar to the moon! In the memecoins season of the bull market, $5 is a realistic target.”

This prediction comes amid the transfer of around 990 million Dogecoin on Tuesday, which translates to approximately $79.75 million.

Data from Bitinfocharts revealed a sudden peak in active Dogecoin transactions, with numbers reaching over 250,000 on a single day in December.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Earlier this week, another analyst Ali Martinez identified a buy signal on Dogecoin’s 3-day chart. The indicator was identified through the TD Sequential, pointing to a possible reversal in Dogecoin’s market position.

On-chain cryptocurrency analyst Ali Martinez said, “As long as the $0.074 support cluster continues to hold, $DOGE has a great chance of rebounding to $0.100 or higher!”

Dogecoin’s all-time highest value is recorded at $0.74. Should it hit the $5 price target with its circulating supply of 142,687,466,384 DOGE, the market cap would soar. This would result in a market capitalization of approximately $713.44 billion for Dogecoin. This feat is difficult to achieve, considering the current market capitalization of $11.49 billion.

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