Crypto Trader Says Dogecoin Has ‘Too Much Firepower,’ Could Skyrocket by Over 500% – But There’s a Catch

A popular crypto trader believes dog-themed digital asset Dogecoin (DOGE) could skyrocket more than 6x the current value.

The pseudonymous analyst known as Altcoin Sherpa tells his 209,800 followers on the social media platform X that DOGE could hit the $1 level with help from one of the memecoin’s biggest cheerleaders, billionaire Elon Musk.

Musk’s public show of support for DOGE, which some believe he will integrate into X as a payment function one day, has coincided with big rallies.

However, the trader warns the timing of his prediction is uncertain and could take months.

“DOGE: some random notes on this one:

-I think that this does something stupid, like go to $1-plus or something. It’s got too much firepower with Elon and is still king meme.

-When this happens? I have no idea. Could be now, could be six months from now.

-It won’t give you the same returns as 2021 given market cap.

-This is a *relatively* safe trade in my opinion (IMO). Like I think the chances of this doing several x is quite high. Is it going to be better risk to reward ratio than longing other stuff like SOL? I don’t know. Go as far down the risk curve as you want.”

The trader is also closely watching whether DOGE can flip two key resistance levels into support at $0.20 and $0.35, which would help confirm his bullish stance.

“The chart looks great in my opinion. Chopped for 650 days and then exploded up. $0.20 and $0.35 are the next interesting areas up.”

DOGE is trading for $0.15 at time of writing, up 5.6% in the last 24 hours.