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A crypto analyst has predicted a big bullish outlook for fashionable domestic dog themed meme coin, Dogecoin (DOGE). The analyst has shared compelling the reason why he believes Dogecoin may just surge as prime as $1 quickly.
Dogecoin’s Bullish Trail To $1
In an X (previously Twitter) publish on August 9, a crypto analyst known as ‘Cryptorphic’ disclosed that Dogecoin has the prospective to extend its price by means of tenfold. Basing his bullish sentiment on a number of technical and marketplace components, the analyst foresees Dogecoin hitting just about $1 one day.
Cryptorphic defined that since February 2021, Dogecoin has been buying and selling inside an outlined longer term accumulation channel. On the other hand it broke out of this vary in February 2024, and is lately retesting this important degree. This breakout vary is thought of as a powerful bullish sign, suggesting that if Dogecoin’s value holds stable, it might 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 used to be printing a powerful weekly Doji candle. This distinctive technical indicator alerts considerable purchasing force and is ceaselessly interpreted as an indication of a possible value reversal and uptrend.
One more reason why Cryptorphic believes Dogecoin may just hit nearly $1 quickly is because of the possibility of SpaceX and Tesla Leader Govt Officer (CEO), Elon Musk’s affect. Making an allowance for, Musk’s strengthen has traditionally pushed important value actions for Dogecoin, the analyst speculates that the Tesla CEO may talk favorably at the meme coin following the United States (US) Presidential elections in November.
Moreover, Cryptorphic issues out that Dogecoin’s value is lately buying and selling above the 200-day Exponential Shifting Reasonable (EMA), and fighting to stick above the 100-day EMA. Normally, buying and selling above those levels is perceived as a bullish indicator for a cryptocurrency.
Additionally, Dogecoin’s Relative Energy Index (RSI) is lately underneath 45, suggesting that the preferred meme coin is overbought, and indicating that there used to be more space for doable expansion one day.
Cryptorphic additional famous that most often, meme cash available in the market were outperforming extra forged crypto tasks and skyrocketing in price. With Dogecoin being some of the fashionable cryptocurrencies and biggest meme coin by means of marketplace capitalization, he predicts that DOGE might lead the rate within the subsequent bull run.
The crypto analyst concluded his Dogecoin research by means of highlighting that a number of key technical signs are at this time signaling an upcoming bullish transfer, reinforcing his prediction that DOGE is poised to upward push with regards to $1.
The Analyst’s Dogecoin HODLing Technique
Right through his publish, Cryptorphic printed his HODLing technique for Dogecoin, underscoring his trust and self assurance that the meme-based cryptocurrency is poised to witness a vital value build up. The analyst disclosed that he plans to grasp DOGE for the following six months, with a key cause level being a weekly shut above $0.5.
These days, Dogecoin is buying and selling at a worth of $0.10, reflecting a steep decline of 8.46% during the last week, consistent with CoinMarketCap.
Featured symbol from CNBC, chart from TradingView