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.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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