Will Dogecoin Price Hit $1? Analyst Predicts Massive 10x Surge – Here’s How
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Over the past 24 hours, the Dogecoin price has seen a notable 6.19% decline amidst a wider market retracement, with meme coins down an average of 6.15%. Despite this setback, one analyst forecasts a $1 Dogecoin on the horizon.
This recent dip disrupts Dogecoin’s growth streak, which had seen the coin rise by 18.41% since last Monday—a trend consistent among most other notable cryptocurrencies.
As Dogecoin edges closer to recovering from its losses over the past month, it now stands just 5.62% below its previous levels.
Interestingly, engagement with Dogecoin seems to be on the rise. The meme coin’s trading volume has surged by 41.29%, reaching $651.35 million over the past 24 hours, indicating sustained investor interest despite the recent price drop.
Analyst Forecasts 10x Breakout – $1 Dogecoin Price Coming?
In an August 9th X post, prominent analyst Cryptorphic pointed to the convergence of several technical and fundamental factors as grounds for a potential 10x breakout for Dogecoin.
The analyst noted that since Dogecoin’s February breakout, the meme coin has retraced back into a significant long-term Accumulation Channel.
This channel previously kept Dogecoin’s price rangebound for over 1,127 days, dating back to February 2021.
Cryptorphic highlighted that Dogecoin is currently retesting a breakout above this long-term accumulation channel, suggesting that a successful retest could pave the way for a major upward move.
This comes as Dogecoin displays resilience, holding above the 200EMA (blue) and battling to stay above the 100EMA (red).
Adding to the bullish sentiment, Dogecoin printed a strong weekly Doji, a candlestick pattern where the price opens and closes at nearly the same level.
This pattern suggests that the strong selling pressure in recent weeks has since eased. Sustained buying pressure from the bulls could potentially push Dogecoin toward another rally, especially if the coin continues to hold above these key moving averages.
Meanwhile, a relative strength index (RSI) (purple) around 45 indicates that there is still ample room for growth, as the asset remains in a neutral zone, despite leaning slightly bearish – retaining some negative sentiment.
All in all, the analyst cited a close above $0.11 (grey liquidity area) on the weekly chart as the critical trigger point for a breakout.
Although technical factors paint a bullish picture, Dogecoin’s price action is often bolstered by external factors.
Notably, Elon Musk is expected to promote Dogecoin following the US presidential election this year. This comes amid anticipation of Dogecoin integration into X’s forthcoming payments feature.
The analyst highlighted that meme coins have been outperforming solid projects this season. Musk’s influence could propel Dogecoin to lead the charge in this bull run, as it has in previous cycles.
This DOGE Alternative Has High Gains Potential
It will likely be a while until we see the full rollout of X payments, inhibited by licensing hurdles. Therefore there may not be any significant Dogecoin price catalysts in the near term.
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