The crypto market has kicked off 2024 with a bang, as meme coins like dogwifhat (WIF) and Bonk (BONK) capture investors’ attention.
However, one leading crypto trader has predicted that fan-favorite Dogecoin (DOGE) could surge to $5 before the end of the year based on several bullish technical factors.
While DOGE aims for $5, new meme coin Meme Kombat (MK) looks poised for similar exponential gains – with a promising forecast after its presale concludes.
Dogecoin Price Forecast Points to Possible 6,000%+ Surge
An anonymous crypto analyst on TradingView believes DOGE could surge over 6,300% from its current price of $0.078.
The analyst shared a technical analysis chart detailing critical support and resistance levels that could lead to this enormous rise.
Specifically, the analyst sees a retest of support around $0.056 followed by a breakout above $0.072 as the catalysts to kickstart Dogecoin’s next upward leg.
As mentioned in the notes accompanying the price chart, the analyst believes DOGE could “soar to the moon” – and that $5 is a “realistic target.”
If DOGE were to reach $5 with its current circulating supply, its market cap would balloon to over $710 billion, which would make it the second-largest cryptocurrency in the world.
This bullish forecast complements similar forecasts from other well-known analysts.
For example, Ali Martinez on Twitter also spotted bullish signals in DOGE’s price action, speculating that the coin could be about to surge up to $0.10 or higher.
DOGE Price Pulls Back Despite Increase in Trading Volumes
Although analysts have been dishing out optimistic price forecasts for Dogecoin, the coin is currently trapped in a bearish phase.
DOGE’s price is down 8% in the past week, with investors looking to sell off some of their holdings amid the broader market pullback.
Despite this pullback, Dogecoin trading volumes have actually increased.
This suggests that the foundations remain strong for Dogecoin to mount a recovery rally soon, which would line up with the analyses discussed above.
However, there are still challenges ahead for DOGE, given the volatile start to 2024.
Bitcoin and Ethereum have both slid in the past two weeks, dragging down most altcoins and meme tokens.
As such, only time will tell whether DOGE can defy the odds and make a run towards $5 in what would be a jaw-dropping comeback.
Viral Meme Kombat Project Gains Traction Ahead of Upcoming Uniswap Listing
Another meme coin that’s quickly gaining traction in the crypto community is Meme Kombat (MK).
Touted as an “innovative new gaming platform designed for gaming enthusiasts,” Meme Kombat combines the viral appeal of memes with immersive battle arena gameplay.
Players can wager the native MK token on fights between their favorite meme characters like Doge and Pepe the Frog, with the outcome of each battle being decided on-chain.
Beyond betting and entertainment value, Meme Kombat offers investors eye-catching staking rewards exceeding 130% APY.
The project is led by serial crypto entrepreneur Matt Whiteman, whose experience in blockchain companies adds further legitimacy.
Influential crypto analyst Jacob Bury recently issued a bold price forecast for the MK token after the ongoing presale ends.
Given the presale’s success so far, raising over $7.1 million, Bury believes MK could be in line for a massive surge of demand once listed on Uniswap.
Bury’s forecast is complemented by another optimistic prediction from YouTuber ClayBro, who projected that it could be the “biggest meme gaming token of 2024.”
With speculation mounting and staking rewards still exceptionally high, Meme Kombat seems well-placed for growth in the weeks and months ahead.
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