Why DOGE Could Rise From Its Current Price Level
Crypto analyst Altcoin Sherpa has put forth a bullish narrative for Dogecoin, a well-known meme coin. According to his insights, DOGE is well-positioned for a bullish reversal and might soon witness a substantial rally.
Altcoin Sherpa's Analysis
Altcoin Sherpa suggests that Dogecoin has "fairly bottomed," implying a potential rise to new heights. However, he cautions that DOGE might not replicate the dramatic spikes seen during the 2021 bull run when its price soared over 20,000%. Despite this, DOGE is expected to record some price gains. Sherpa highlights DOGE’s strong liquidity and recommends investors consider it a viable investment option. He emphasizes that DOGE is particularly attractive for "big whales," who can make sizable investments while still reaping significant profits.
Sherpa has earlier described betting on DOGE’s rise to $0.4 as a "safe bet," with a potential price gain of approximately 3x. In his recent analysis, he maintains that this target is achievable. Furthermore, in an ultra-bullish scenario, Sherpa previously speculated DOGE could reach as high as $1, citing Elon Musk’s influence on the coin's popularity.
Other Analysts' Predictions
While Altcoin Sherpa envisions $1 as DOGE’s peak in this market cycle, other analysts like Javon Marks propose more ambitious targets. Marks speculates DOGE could climb to as high as $17, arguing that the meme coin tends to perform exceptionally well in each successive bull run.
Technical Indicators and Key Levels
Dogecoin has recently regained the psychological support level of $0.10. However, crypto analyst Kevin Capital emphasizes that DOGE needs to surpass $0.14 to confirm a bullish trend. He has noted that DOGE remains in a downtrend and requires significant improvements to achieve a bullish flip.
Despite these challenges, some technical indicators suggest DOGE is edging towards bullishness. Kevin Capital points out a "massive bullish divergence" on the 3-day timeframe, and DOGE currently hovers around the 3-day 200-day moving average, considered a critical factor to monitor.
At the time of writing, Dogecoin is trading at approximately $0.10, marking an increase of over 4% within the last 24 hours. These developments indicate potential for further movement in the price of this popular meme coin.
