Dogecoin (DOGE) has been struggling lately, but some analysts believe it’s ready to bounce back.
Why DOGE Could Rise
Crypto analyst Altcoin Sherpa thinks Dogecoin has hit its bottom and is poised for a comeback. He believes DOGE could see a big surge in price, although he doesn’t expect it to reach the crazy heights of the 2021 bull run.
He’s still bullish on DOGE, though. He points out that it has strong liquidity, meaning it’s easy to buy and sell, which makes it attractive to investors. He even thinks it’s a great investment for “big whales” (investors with lots of money) who can easily buy large amounts of DOGE and still make a profit.
Ambitious Price Predictions
Altcoin Sherpa thinks DOGE could reach $0.4, which would be a 3x increase from its current price. He even thinks it could hit $1, thanks to Elon Musk’s love for the coin.
Other analysts are even more optimistic. Javon Marks believes DOGE could reach $17, saying it has always performed well in bull markets.
Dogecoin Needs to Break Through $0.14
While some analysts are excited about DOGE, others are still cautious. Crypto analyst Kevin Capital thinks DOGE needs to break above $0.14 before it can be considered truly bullish.
However, he does see some positive signs. He noticed a “massive bullish divergence” on the 3-day chart, which he considers a very important signal.
DOGE is Currently Trading Around $0.10
Right now, DOGE is trading at around $0.10, up over 4% in the last 24 hours. It will be interesting to see if it can break through the $0.14 resistance level and continue its upward climb.
