Crypto experts are divided on whether Dogecoin (DOGE) can reach $1.
Why Some Experts Are Skeptical
Pav Hundal, an analyst at Swyftx, believes it’s a risky bet. He points out that many DOGE holders bought it in 2021 at a much higher price. As the price has fallen, these holders are now underwater and waiting to break even. If the price starts to rise, they may sell off their DOGE to lock in profits, creating sell pressure.
Hundal also notes that DOGE’s popularity has waned, with other meme coins gaining traction.
Why Others Are Optimistic
Despite Hundal’s skepticism, other analysts remain bullish on DOGE.
Rekt Capital believes that DOGE’s cyclical nature means it will perform well during this bull market. CobraVanguard sees bullish chart patterns, including an ascending triangle, indicating a potential breakout.
High Odds of a Breakout
CobraVanguard predicts a significant price increase for DOGE based on its technical analysis. He believes the odds of a bull rally are high.
