Bitrabo Editorial
Recently, Dogecoin (DOGE) has been under significant selling pressure along with other meme coins, struggling to gain positive momentum. Analysts are closely monitoring its price movements to determine its future direction in the crypto market.
One analyst, YG Crypto, has raised concerns by forecasting a potential drop in Dogecoin’s value to $0.09, attracting attention within the Dogecoin community.
Dogecoin’s Price Outlook Hinges on a Breakout
Amid ongoing market volatility, YG Crypto’s analysis points to a critical support level for Dogecoin around $0.11200–$0.11500. Failure to hold this support could lead to a sharp decline towards $0.095, indicating a bearish trend according to the analyst.
The overall downward trend suggests a bearish bias, with a significant price correction looming if Dogecoin breaches the support range.
While the outlook appears bearish, YG Crypto believes Dogecoin still has the potential to reverse its course and rally upwards.
If Dogecoin manages to break above $0.16 and surpass the upper limit of the channel, it could target the $0.170–$0.176 levels.
Potential for Dogecoin to Reach $1 or $2
Trading around $0.12 currently, Dogecoin has struggled to maintain its value during the general market downturn. Analyst Kaleo anticipates a further decline to $0.08 or $0.1.
Despite historic price surges in Dogecoin’s early days, it has since been trading sideways or downwards. Kaleo predicts a lack of significant movement until late this year or early next year based on past trends.
Kaleo suggests a return to the 8–10 cent range could be on the cards, retracing gains seen earlier this year. However, he remains optimistic about a potential rally to $1 or $2 in the near future, driven by a possible memecoin supercycle.