Here’s Why The Dogecoin Price Could See A Pump From Here

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As a seasoned analyst with over two decades of experience in various financial markets, I find Altcoin Sherpa’s bullish outlook on Dogecoin (DOGE) intriguing. Having closely followed the meme coin’s journey since its inception, I can attest to its unpredictable yet captivating nature.

According to crypto expert Altcoin Sherpa’s interpretation, the popular meme cryptocurrency Dogecoin (DOGE) seems ready for an optimistic turnaround, potentially triggering a steep upward trend.

Why DOGE Could Rise From Its Current Price Level

In a recent post on X (previously known as Twitter), Altcoin Sherpa suggested that Dogecoin may have hit a low point and could potentially reach new heights. Yet, the analyst cautioned that it’s unlikely that Dogecoin will experience the same market movements as in the 2021 bull run when its price skyrocketed by more than 20,000%. In simpler terms, while there is a possibility of Dogecoin increasing significantly, it may not reach the unprecedented growth levels seen during the 2021 bull market.

Altcoin Sherpa added that Dogecoin should still be able to record a few price gains, though. He noted that the meme coin has strong liquidity and suggested that investors should still consider investing in DOGE. Altcoin Sherpa had previously mentioned that Dogecoin was a perfect investment for “big whales” since they could easily invest with size while still making considerable profits. 

As someone who has closely followed and invested in the crypto market for several years now, I find myself intrigued by Altcoin Sherpa’s recent assertion that betting on Dogecoin reaching $0.4 could be one of the safest bets in this current market cycle. With a potential 3x price increase, it seems like an enticing opportunity, especially given Altcoin Sherpa’s reputation for insightful analysis. I have seen my fair share of ups and downs in this volatile market, but if his predictions hold true, this could be a significant move forward for Dogecoin. I am keeping a close eye on this development and will adjust my investment strategy accordingly.

Regarding his optimistic forecast about Dogecoin, the analyst had stated earlier that this popular meme token might reach as much as $1 in this particular market phase. This prediction is partly based on Elon Musk’s known affection for Dogecoin and the potential role he could play in driving DOGE to such levels.

In this market cycle, some crypto experts like Altcoin Sherpa have stated that Dogecoin may not surpass $1. However, others such as Javon Marks have presented more optimistic price forecasts, predicting that the meme coin could potentially reach up to $17. Marks believes that due to its historical trend of making larger gains in each subsequent bull market, Dogecoin has the potential to achieve such high levels.

Dogecoin Needs To Break Above $0.14

Dogecoin has surpassed the significant barrier of $0.10, but crypto expert Kevin Capital (previously known as OG Yomi) thinks it needs to go beyond $0.14 for its price movement to be considered truly bullish again. Earlier, this analyst indicated that Dogecoin was still experiencing a downtrend and had considerable work ahead before it could shift from bearish to bullish.

As an analyst, I’ve noticed some intriguing signs suggesting that Dogecoin might be gearing up for a bullish trend. Specifically, it has formed what Kevin refers to as a “massive bullish divergence” on the 3-day chart, and it currently rests at its 3-day 200-day moving average. He emphasizes that this is a significant development and something worth keeping a close eye on, indicating potentially positive momentum for Dogecoin.

Here’s Why The Dogecoin Price Could See A Pump From Here

Currently, the value of Dogecoin stands approximately at $0.10, marking a rise of more than 4% within the past 24 hours, as indicated by information provided by CoinMarketCap.

Here’s Why The Dogecoin Price Could See A Pump From Here

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2024-08-10 05:42