Amidst a recent market correction, a prominent crypto analyst has made a bold prediction: Dogecoin (DOGE) has the potential to reach $10 in the coming year.
The analyst shared a weekly chart of DOGE on X, highlighting a clear ascending channel pattern. This pattern indicates a long-term uptrend, with the next higher high potentially reaching $10 or even $12. While this prediction is ambitious, it is based on the historical price action and technical analysis.
Current Price Momentum and Technical Analysis
DOGE is currently trading near $0.114, having experienced a slight price decline in the past 24 hours. However, the trading volume has increased significantly, suggesting growing interest from traders and investors, possibly fueled by the upcoming US presidential election.
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From a technical perspective, DOGE recently broke out of a bullish double-bottom pattern, indicating a potential uptrend. Despite the recent price correction, the coin has successfully retested the breakout level and is currently facing resistance from the 200-day Exponential Moving Average (EMA).
If DOGE can close a daily candle above the $0.118 level, there is a strong possibility of a 20% rally to $0.135 in the coming days. This bullish outlook is further supported by the Relative Strength Index (RSI), which is currently in an oversold area, suggesting a potential price recovery.
While the prediction of DOGE reaching $10 may seem ambitious, the technical analysis and historical price action support a bullish outlook for the meme coin. However, it’s important to note that cryptocurrencies are highly volatile, and predictions can be subject to change. Investors should conduct their own research and consider the risks involved before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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