DOGE Could Hit $10, Says Expert
In the wake of a notable rally across the cryptocurrency market, major digital currencies are experiencing a period of price correction. Amidst this market fluctuation, a well-known crypto expert shared an intriguing forecast on X (previously known as Twitter). The expert boldly suggested that the popular meme coin, Dogecoin (DOGE), could potentially reach the $10 mark in the coming year.
In his post, the expert asserted, “To anyone who said $10 Dogecoin is impossible—show them this chart.” Accompanying this statement was a weekly chart for DOGE, illustrating the meme coin’s movement within an ascending channel pattern, characterized by higher highs and higher lows.
Analyzing the Chart
Upon examining the chart, it becomes evident that DOGE is currently positioned at a higher low. The next projected higher high is anticipated to approach the $10 to $12 range. This analysis led the expert to make his bold statement. However, it is crucial to note that this prediction is long-term and may require several years to materialize.
Current Price Momentum
As of the latest data, Dogecoin is trading around $0.114, having experienced a modest price decline of over 1.5% in the past 24 hours. During the same timeframe, its trading volume surged by 37%, reflecting heightened interest from traders and investors. This increased activity is likely spurred by the upcoming presidential election in the United States.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
CoinPedia’s technical analysis highlights that Dogecoin recently broke out from the neckline of a bullish double-bottom price action pattern. Despite a recent price correction, DOGE has successfully retested the breakout level or neckline near $0.112. Currently, it faces resistance from the 200-day Exponential Moving Average (EMA).
Potential Price Movements
Based on historical price trends, if DOGE manages to close a daily candle above the $0.118 level, there is a strong possibility of a 20% surge, potentially reaching the $0.135 level in the upcoming days. Furthermore, DOGE’s Relative Strength Index (RSI) suggests a bullish outlook as it resides in an oversold area, potentially signaling a significant price recovery or rally.
Conclusion
The potential of Dogecoin reaching $10 remains a topic of lively debate among crypto enthusiasts and investors. While the forecast is ambitious, the analysis presents a perspective that warrants attention. As the market continues to evolve, the performance of DOGE will be closely monitored by investors aiming to capitalize on its price movements.
