What are the experts saying about Dogecoin DOGE reaching 10
Key Takeaways
– A well-known cryptocurrency expert believes that Dogecoin (DOGE) has the potential to reach $10 in the next year.
– If DOGE is able to close a daily candle above the $0.118 level, it could rise by 20% and reach $0.135.
– Despite a recent market correction, the expert remains confident in DOGE’s long-term prospects.
Dogecoin (DOGE) has caught the attention of a prominent cryptocurrency expert who believes that the meme coin has the potential to reach $10 in the coming year. In a recent post on X (previously Twitter), the expert shared a DOGE weekly chart, illustrating an ascending channel pattern with higher highs and higher lows. Based on this analysis, the expert made the bold prediction that the next higher high for DOGE could be near $10 or $12. However, it is important to note that this forecast is for the long term and may take several years to materialize.
Currently, DOGE is trading around $0.114, experiencing a slight decline of over 1.5% in the past 24 hours. However, its trading volume has increased by 37% during the same period, suggesting heightened interest from traders and investors, possibly due to the upcoming US presidential election.
CoinPedia’s technical analysis reveals that DOGE recently broke out from the neckline of a bullish double-bottom price action pattern. Although it has since undergone a price correction, it appears to have successfully retested the breakout level near $0.112 and is currently facing resistance from the 200-day Exponential Moving Average (EMA).
Based on historical price momentum, if DOGE can close a daily candle above the $0.118 level, there is a strong possibility that it could surge by 20% and reach $0.135 in the coming days. This optimistic outlook is supported by DOGE’s Relative Strength Index (RSI), which is currently in oversold territory, indicating the potential for a significant price recovery or rally.
In conclusion, the cryptocurrency expert’s prediction of DOGE reaching $10 in the future has sparked interest and speculation in the market. While DOGE is currently experiencing a price correction, its technical indicators and historical momentum suggest that it could see a substantial rise in the near future.