A crypto analyst has predicted a serious bullish outlook for fashionable doggy themed meme coin, Dogecoin (DOGE). The analyst has shared compelling the explanation why he believes Dogecoin may surge as excessive as $1 quickly.
Dogecoin’s Bullish Path To $1
In an X (previously Twitter) put up on August 9, a crypto analyst recognized as ‘Cryptorphic’ disclosed that Dogecoin has the potential to extend its worth by tenfold. Basing his bullish sentiment on a number of technical and market components, the analyst foresees Dogecoin hitting practically $1 sooner or later.
Cryptorphic defined that since February 2021, Dogecoin has been buying and selling inside an outlined long run accumulation channel. Nonetheless it broke out of this vary in February 2024, and is at present retesting this essential degree. This breakout vary is taken into account a robust bullish sign, suggesting that if Dogecoin’s value holds regular, it may result in additional upward momentum.
Sharing a chart depicting Dogecoin’s value actions from 2021 to 2025, the crypto analyst famous that the meme coin was printing a robust weekly Doji candle. This distinctive technical indicator indicators substantial shopping for stress and is commonly interpreted as an indication of a possible value reversal and uptrend.
One more reason why Cryptorphic believes Dogecoin may hit nearly $1 quickly is because of the potential for SpaceX and Tesla Chief Govt Officer (CEO), Elon Musk’s affect. Contemplating, Musk’s help has traditionally pushed important value actions for Dogecoin, the analyst speculates that the Tesla CEO would possibly converse favorably on the meme coin following the United States (US) Presidential elections in November.
Moreover, Cryptorphic factors out that Dogecoin’s value is at present buying and selling above the 200-day Exponential Transferring Common (EMA), and battling to remain above the 100-day EMA. Sometimes, buying and selling above these ranges is perceived as a bullish indicator for a cryptocurrency.
Furthermore, Dogecoin’s Relative Energy Index (RSI) is at present under 45, suggesting that the favored meme coin is overbought, and indicating that there was extra room for potential development sooner or later.
Cryptorphic additional famous that typically, meme cash out there have been outperforming extra strong crypto initiatives and skyrocketing in worth. With Dogecoin being probably the most fashionable cryptocurrencies and largest meme coin by market capitalization, he predicts that DOGE might lead the cost within the subsequent bull run.
The crypto analyst concluded his Dogecoin evaluation by highlighting that a number of key technical indicators are presently signaling an upcoming bullish transfer, reinforcing his prediction that DOGE is poised to rise near $1.
The Analyst’s Dogecoin HODLing Technique
Throughout his put up, Cryptorphic revealed his HODLing technique for Dogecoin, underscoring his perception and confidence that the meme-based cryptocurrency is poised to witness a big value improve. The analyst disclosed that he plans to maintain DOGE for the following six months, with a key set off level being a weekly shut above $0.5.
At the moment, Dogecoin is buying and selling at a value of $0.10, reflecting a steep decline of 8.46% over the previous week, in line with CoinMarketCap.
Featured picture from CNBC, chart from TradingView