Expert Says Dogecoin Still Has Window for a 10x Surge: Here’s Why

A prominent market analyst has seen the recent Dogecoin correction as a buying opportunity, insisting the token has another 10x rally on its path.

Dogecoin did not escape the recent market onslaught, correcting substantially this month. For context, the meme coin is down over 23% in February, taking its year-to-date losses to 20%.

While different bullish and bearish outlooks emerge, prominent analyst XForceGlobal has insisted that Dogecoin will reward patient holders. Recently, he suggested a comprehensive push to unprecedented highs for the meme coin market lead.

More Upsides for Dogecoin?

In a Feb. 18 post, the Korean Elliott Wave-certified analyst highlighted Dogecoin’s potential for a price rebound. He noted that the token may be the only meme coin with the prospect of another fivefold to tenfold rally.

XForceGlobal suggested that DOGE’s historical price actions confirm this narrative. He noted that the meme coin’s cyclical performance provides insight into its wave count validation, giving little room for error.

An accompanying chart suggests that Dogecoin could attain the 5-10x upsurge upon completing the fifth wave in its Elliott Wave structure. Having strictly followed the technical analysis from its first breakout in 2017, the market watcher’s chart highlighted that the prominent meme coin would launch past $9 in the fifth wave.

Notably, if DOGE hits $9 as predicted by the wave pattern, its market cap will surge to a staggering $1.33 trillion at its current circulating supply of 148.1 billion.

Market Cap Misunderstood: Analyst

Meanwhile, XForceGlobal addressed the market cap issue, a footstool from which market observers present their arguments when analysts make ambitious price calls. The seasoned commentator stated that although an asset’s valuation is not irrelevant, it is “highly misunderstood.”

He noted that market cap is not the primary metric for analyzing an asset’s proficiency; hence, limiting an asset’s growth potential to its market cap does not add up. However, marginal liquidity, actual adoption, liquidity, marginal demand, and token distribution are key indicators that determine an asset’s upward trajectory.

Other Bullish Dogecoin Outlook

Notably, other analyses suggest an imminent Dogecoin price upsurge. For instance, analyst Trader Tardigrade speculated an over 3,310% upsurge to $9, the same price mark XForceGlobal asserted.

Furthermore, “Doge Lord” predicted an extensive rally to $6 once it completes the fifth wave in its Elliott Wave structure. Meanwhile, other analyses suggest prices like $10 and $13.66.

In the meantime, Dogecoin trades at $0.2534, up 1.3% in the past 24 hours.