Dogecoin Price Could Double Soon If This One Thing Happens

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As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless bull runs and bear markets alike. However, the intricacies of the cryptocurrency market continue to fascinate me, especially when it comes to meme coins like Dogecoin (DOGE).

As a researcher, I’ve noticed that after a 16% surge last week, the price of Dogecoin is once again trending downward, aligning with the crypto market’s ‘red zone.’ It’s not entirely surprising to see Dogecoin lagging in the charts given its performance over the years has fallen short of investor expectations. However, things might be looking up for DOGE as prominent crypto analysts have pinpointed a significant profit-taking opportunity. If certain factors align, the price of Dogecoin could potentially double.

Why Dogecoin Price Could Double Soon?

Dogecoin stands as a widely recognized cryptocurrency and often preferred among top meme-based coins to invest in. However, despite its widespread popularity and backing from Elon Musk, its price performance has been disappointing for quite some time now. In fact, three years ago, it was trading at $0.7376, but today, the DOGE value has dropped by over 85%, leaving it at a current value of $0.1034. As of this update, it boasts a market capitalization and daily trading volume of $15 Billion and $868 Million respectively. Yet, there remains optimism.

Based on community backing and its past success, there’s a chance the meme token may surge again. Yet, with Uptober postponed and the Bull Run still some months off, the overall crypto market likely won’t propel this token to unprecedented heights. Interestingly, Ali Charts, a well-known cryptocurrency expert, has pinpointed an occurrence where Dogecoin’s price could potentially double.

Previously, when Dogecoin ($DOGE) experienced a bullish MACD crossing on its weekly chart not once, but twice, it surged an astounding 90% and then a staggering 180%.
A new MACD bullish crossover could be forming soon!
— Ali (@ali_charts) October 2, 2024

According to Ali’s latest update, instances where DOGE has experienced a bullish crossover on its weekly charts have been followed by significant increases in value. He pointed out two occasions when the DOGE price jumped by approximately 90% and 180%. The first of these events took place on October 16, 203, as the price skyrocketed to $0.10 within just eight weeks after the crossover occurred. Another such instance happened in February this year, with the Dogecoin price reaching $0.2288 following a remarkable surge of 178% within six weeks, due to the formation of the MACD crossover.

In simpler terms, Ali’s prediction suggests that the same event could occur imminently. The MACD crossover pattern might cause this meme coin’s value to double from its current price of $0.1034. This scenario appears plausible because the Moving Average Convergence Divergence (MACD) is a widely used technical indicator that indicates the direction and strength of a financial instrument’s momentum. If the charts show a bullish crossover, it signals the start of an uptrend.

What Does DOGE’s Technical Indicators Say?

The peak value of Dogecoin was $0.7376, and experts predict it might rise to $1. Yet, reaching that level may not happen quickly. However, with Ali’s analysis, the price could potentially double or even exceed that, as the projected price is approximately $0.2068 – a level last seen during March’s surge.

Despite significant selling pressure suggesting a predominantly bearish sentiment in 24-hour charts, it’s unlikely that we will see an immediate trend reversal given the neutral Reading of the Relative Strength Index (RSI).

When RSI (Relative Strength Index) remains neutral, it suggests that current trends are likely to persist. At present, the token is trying to find support at $0.09139 after falling below its pivot point due to the downtrend. If the token doesn’t manage to rebound from this support level and move towards the resistance at $0.013456, the downtrend might continue. However, if it surpasses the resistance at $0.012356, there could be a potential uptrend leading toward the week’s high price.

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2024-10-03 18:18