A cryptocurrency analyst has predicted a huge bullish outlook for the popular dog-themed meme coin, Dogecoin (DOGE)The analyst shared compelling reasons why he believes that the price of Dogecoin could rise to $1 soon.
Dogecoin bullish path towards $1
In X (formerly Twitter) mail On August 9, a cryptocurrency analyst known as “Cryptorphic” revealed that Dogecoin has the potential to increase in value tenfold. Based on bullish sentiment Based on several technical and market factors, the analyst expects the price of Dogecoin to reach around $1 in the future.
Cryptorphic explained that since February 2021, Dogecoin has been trading within a specific long time frame. accumulation channelHowever, it broke through this range in February 2024, and is currently retesting this critical level. This breakout range is a strong bullish signal, indicating that if Dogecoin price If prices remain stable, it could lead to further upward momentum.
Sharing a chart showing Dogecoin price movements from 2021 to 2025, the crypto analyst noted that the meme coin has been posting strong weekly performance. Doji candleThis unique technical indicator indicates significant buying pressure and is often interpreted as a sign of a potential price reversal and uptrend.
Another reason why Cryptorphic believes Dogecoin price could reach nearly $1 This is expected to be announced soon due to the potential of the CEO of SpaceX and Tesla, Elon Musk EffectSince Musk’s support has historically been the cause of large price movements for Dogecoin, the analyst expects the Tesla CEO to speak positively about the meme coin after US Presidential Election In November.
Additionally, Cryptorphic notes that Dogecoin price is currently trading above the 200-day exponential moving average (EMA), and struggling to stay above the 100-day EMA. Trading above these ranges is usually seen as a bullish indicator For cryptocurrency.
Moreover, Dogecoin’s Relative Strength Index (RSI) is currently below 45, indicating that the popular meme coin is overbought, suggesting that there is more room for potential growth in the future.
Kryptorvic also noted that in general, Meme Coins In the market, it has outperformed more established cryptocurrency projects and has skyrocketed in value. With Dogecoin being one of the most popular cryptocurrencies and the biggest meme coin by 2020, Market valueDOGE is expected to lead the charge in the upcoming rally.
The crypto analyst concluded his analysis of Dogecoin by highlighting that several key technical indicators are currently pointing to an upcoming bullish move, reinforcing his prediction that DOGE is poised to surge to near $1.
Analyst’s Dogecoin Holding Strategy
In his post, Cryptorphic revealed his strategy for holding cryptocurrencies. Dogecoinconfirming his belief and confidence that the meme-based cryptocurrency is about to see a huge price surge. The analyst revealed that he plans to Hold the doug For the next six months, with the main trigger point being a weekly close above $0.5.
Currently, Dogecoin is trading at $0.10, reflecting a sharp 8.46% decline over the past week, according to CoinMarketCap.
Featured image from CNBC, chart from TradingView
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