Dogecoin’s price has been stuck in a rut lately, even with its impressive year-to-date gains. But what happens when it breaks free? Several analysts have weighed in.
A Bullish Outlook
Crypto analyst Trader Tardigrade sees good things ahead for Dogecoin. He believes the current price range is just a temporary pause before another upward surge. His charts suggest a breakout could send DOGE soaring to a new all-time high of $1 – possibly before the end of the year! That would be a huge milestone, surpassing its current high of around $0.73. He’s basing this on Dogecoin’s Relative Strength Index (RSI) which, he says, indicates a potential rebound. He points to a similar RSI level in September that preceded a significant price jump. If history repeats, DOGE could even reach $1.35.
Trader Tardigrade is even more bullish in the long term. He predicts Dogecoin will follow its usual two-step jump pattern, potentially reaching a peak of $3 to $4 in this market cycle.
A Necessary Correction?
Analyst Kevin Capital offers a slightly different perspective. He sees the recent price drop as a necessary correction, comparing it to previous market cycles. He notes that Dogecoin had a “golden cross” around election time but didn’t see the usual pullback. He believes this current dip is that overdue correction. Historically, Dogecoin has seen three 50% corrections during its bull runs. Kevin believes a 45% correction would be sufficient for Dogecoin to resume its upward trajectory. He’s only concerned if the price falls below $0.26 on a weekly close.
Current Price and Conclusion
At the time of writing, Dogecoin is trading around $0.30, down slightly. While there’s disagreement on the exact timing and peak price, both analysts generally have a positive outlook for Dogecoin’s future. Whether it hits $1, $3, or somewhere in between remains to be seen, but the potential for further growth is certainly there.
