In the wake of a recent market rally, many cryptocurrencies are seeing price corrections. Despite this, a well-known crypto analyst has sparked fresh conversation by suggesting that Dogecoin
($DOGE ), the largest meme coin, could potentially hit $10 within the next year. The claim, made on the social platform X (formerly known as Twitter), has grabbed the attention of both traders and enthusiasts.
DOGE Heading for $10?
The crypto expert shared a bold prediction, stating, "For those doubting a $10 Dogecoin, just take a look at this chart." He pointed to a weekly DOGE chart, illustrating an ascending channel where the coin is consistently forming higher highs and higher lows. According to the chart analysis, Dogecoin appears to be in a higher low position, with the next anticipated peak possibly reaching $10 or even $12. However, the analyst cautioned that this is a long-term projection and may take time to materialize.
Current Market Trends for DOGE
At the moment, Dogecoin is trading around $0.114, having slipped by about 1.5% over the last 24 hours. Despite this dip, there has been a notable surge in trading volume, rising by 37%, reflecting heightened interest from both traders and investors. This uptick is likely influenced by the upcoming U.S. presidential election, which often triggers increased market activity.
DOGE’s Technical Outlook and Key Levels to Watch
CoinPedia’s technical analysis reveals that Dogecoin recently broke above the neckline of a bullish double-bottom pattern. Following a brief price correction, it appears to have successfully retested this breakout level, holding strong near $0.112. However, the coin is now facing resistance from the 200-day Exponential Moving Average (EMA), which could prove challenging to overcome.
Looking forward, if DOGE manages to close a daily candle above $0.118, it could rally by as much as 20%, potentially hitting the $0.135 mark in the near future. Additionally, the Relative Strength Index (RSI) for Dogecoin is signaling a bullish recovery, as it currently sits in oversold territory—often a precursor to a price rebound.
While it remains to be seen whether Dogecoin can reach the coveted $10 mark, these technical indicators suggest that the coin is positioned for a potential upward movement in the short term.
