A crypto analyst thinks Dogecoin (DOGE) could go way up in price, maybe even hit $1! Here’s why:
Dogecoin’s Bullish Path
The analyst, known as “Cryptorphic,” says Dogecoin has been steadily building up for a while. It recently broke out of a long-term price range, which is a good sign.
He also points to some technical indicators that suggest Dogecoin is poised for a big move. For example, a “Doji candle” on the weekly chart shows a lot of buying pressure, which could lead to a price increase.
Elon Musk and the US Election
Cryptorphic believes that Elon Musk’s influence on Dogecoin could play a big role. Musk has been a vocal supporter of Dogecoin in the past, and the analyst thinks he might tweet about it again after the US election in November.
Technical Indicators Point Upward
Other technical indicators are also looking good for Dogecoin. It’s currently trading above some important moving averages, which is a bullish signal. Plus, its RSI (Relative Strength Index) is low, meaning there’s room for it to grow.
Meme Coins Are Hot
Cryptorphic also notes that meme coins like Dogecoin have been performing well lately. With Dogecoin being one of the biggest and most popular meme coins, he thinks it could lead the charge in the next bull run.
HODLing Strategy
Cryptorphic is so confident in Dogecoin’s future that he plans to hold his DOGE for the next six months. He’ll be watching closely to see if it closes above $0.5 on the weekly chart.
Dogecoin’s Current Price
Right now, Dogecoin is trading at around $0.10. It’s been down a bit recently, but the analyst believes it’s just a temporary dip.
