Crypto Analyst Predicts Dogecoin Price Will Hit $1 If This Happens

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As a seasoned crypto investor with a decade-long journey navigating the digital asset landscape, I find the bullish prediction for Dogecoin (DOGE) by ‘Cryptorphic’ intriguing yet not entirely surprising. Having witnessed several market cycles and observing the unpredictable nature of the meme coin market, I am cautiously optimistic about DOGE’s potential to reach $1.

A crypto analyst has predicted a major bullish outlook for popular doggy themed meme coin, Dogecoin (DOGE). The analyst has shared compelling reasons why he believes Dogecoin could surge as high as $1 soon.  

Dogecoin’s Bullish Path To $1

On August 9th, a cryptocurrency expert known as ‘Cryptorphic’ shared via a post on what was once Twitter that Dogecoin could potentially multiply its worth by a factor of ten. He supports this optimistic outlook with various technical and market indicators, predicting that Dogecoin might reach close to $1 in the future.

Cryptorphic pointed out that from February 2021 until early 2024, Dogecoin had been confined within a long-term accumulation channel. However, in February 2024, the cryptocurrency broke free from this range. As of now, it’s testing this important level once more. This breakout is seen as a robust bullish indicator, implying that if Dogecoin maintains its current price, it may trigger additional bullish trends.

As a crypto investor, I’m excited to share this chart highlighting Dogecoin’s price journey from 2021 to 2025. A crypto analyst pointed out an intriguing weekly Doji candle in the meme coin’s pattern. This unique technical indicator suggests substantial buying pressure and is typically seen as a precursor for a possible price reversal and uptrend. In essence, it could indicate that Dogecoin might be gearing up for a bullish run!

Crypto Analyst Predicts Dogecoin Price Will Hit $1 If This Happens

One reason Cryptorphic thinks Dogecoin may reach nearly $1 soon is based on Elon Musk’s potential influence as SpaceX and Tesla CEO. Given that Musk’s endorsements have led to substantial price fluctuations for Dogecoin in the past, this analyst predicts that Musk might express positive sentiment towards the meme coin following the U.S. Presidential elections in November.

Furthermore, Cryptorphic highlights that Dogecoin’s current price exceeds its 200-day Exponential Moving Average (EMA), and it’s fighting to maintain its position over the 100-day EMA. Generally, being above these levels is considered a positive sign for the future of a cryptocurrency.

Crypto Analyst Predicts Dogecoin Price Will Hit $1 If This Happens

Additionally, it’s worth noting that the Relative Strength Index (RSI) of Dogecoin is presently lower than 45, which typically means the meme currency is overbought. This finding hints at a possibility of further expansion opportunities ahead for this digital coin.

Cryptorphic pointed out a common trend: meme coins are often surpassing established crypto projects in terms of growth and value. Given Dogecoin’s popularity and status as the largest meme coin by market cap, he anticipates that DOGE could spearhead the upcoming market surge.

After examining Dogecoin, the cryptocurrency expert emphasized that certain significant technical markers currently suggest a potential surge in price, supporting his assertion that the value of DOGE could soon reach nearly $1.

The Analyst’s Dogecoin HODLing Strategy

In his recent post, Cryptorphic shared his strategy for keeping Dogecoin, expressing his faith and assurance that this meme-backed cryptocurrency is on track for a substantial price rise. The analyst has announced his intention to keep DOGE for the next six months, with a significant milestone being if the weekly closing price surpasses $0.5.

At present, Dogecoin is being traded for approximately $0.10. Over the last seven days, its value has dropped significantly by 8.46%, as reported by CoinMarketCap.

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2024-08-11 04:12