Bitrabo Editorial
An expert in the cryptocurrency field has put forward an optimistic forecast for Dogecoin (DOGE), the beloved meme coin. The expert has laid out convincing arguments supporting his belief that Dogecoin could potentially skyrocket to $1 in the near future.
Predicting Dogecoin’s Ascent to $1
On August 9, through a post on X (formerly Twitter), a crypto analyst known as ‘Cryptorphic’ unveiled that Dogecoin has the potential to increase its value by ten times. Drawing upon various technical and market factors, the analyst envisions Dogecoin hitting nearly $1 in the coming days.
Cryptorphic elaborated that since February 2021, Dogecoin has been trading within a specific long-term accumulation channel. However, it recently broke out of this range in February 2024 and is currently retesting this crucial level. This breakout range signifies a robust bullish signal, indicating that if Dogecoin’s price remains stable, it could prompt further upward momentum.
By sharing a chart illustrating Dogecoin’s price movements from 2021 to 2025, the crypto analyst highlighted that the meme coin exhibited a strong weekly Doji candlestick. This distinctive technical indicator signifies significant buying pressure and often hints at a potential price reversal and uptrend.
One of the reasons Cryptorphic believes that Dogecoin might approach the $1 mark soon is the potential impact of Elon Musk, the Chief Executive Officer of SpaceX and Tesla. Given Musk’s history of influencing notable price fluctuations for Dogecoin, the analyst speculates that Musk could speak positively about the meme coin post the United States Presidential elections in November.
Furthermore, Cryptorphic pointed out that Dogecoin’s price currently sits above the 200-day Exponential Moving Average (EMA) and is in a struggle to remain above the 100-day EMA. Traditionally, trading above these levels is viewed as a bullish sign for a cryptocurrency.
Also, Dogecoin’s Relative Strength Index (RSI) is presently under 45, indicating that the popular meme coin is oversold and suggesting there is more room for potential growth in the future.
Cryptorphic additionally emphasized that meme coins in the market have been surpassing more stable crypto projects and surging in value. Given Dogecoin’s status as one of the most prominent cryptocurrencies and the largest meme coin by market capitalization, he predicts that DOGE might spearhead the upcoming bull run.
The crypto analyst wrapped up his analysis of Dogecoin by underscoring that multiple key technical indicators are hinting at an imminent bullish movement, reinforcing his projection that DOGE is on course to approach $1.
Insight into the Analyst’s Dogecoin Holding Strategy
Within his post, Cryptorphic disclosed his HODLing strategy for Dogecoin, expressing his conviction and confidence in the meme-based cryptocurrency’s chances of experiencing a notable price surge. The analyst revealed his intention to retain DOGE for the next half-year, with a critical trigger point being a weekly close above $0.5.
Currently, Dogecoin is being traded at a value of $0.10, indicating a considerable decrease of 8.46% over the past week, as reported by CoinMarketCap.
Image source: CNBC, Chart source: TradingView