Dogecoin Price Surges as Analyst Forecasts New All-Time High

The Dogecoin price is on the rise, up 5% today to $0.096 as the broader crypto market recovers from reports that the US completed another bond buyback of $4 billion.

An analyst named Tardigrade on X has forecasted that Dogecoin could reach $3 if it can move above the resistance at $0.46, which would be a new all-time high for the asset.

Tardigrade notes that Dogecoin is creating a massive double bottom pattern on the weekly chart and has already bounced from both bottoms. If the price breaks through the neckline of this pattern, it could reach $3.

However, some users have expressed skepticism about Tardigrade's forecast, citing the large supply of 171 billion Dogecoin tokens that would push its market cap to $370 billion, higher than Ethereum's current market cap.