Anika Begay
A cryptocurrency analyst has predicted a significant bullish outlook for the popular puppy-themed meme coin, Dogecoin (DOGE)The analyst shared compelling reasons why he believes Dogecoin could soon hit $1.
Dogecoin’s Bullish Path Toward $1
In an X (ex Twitter) send On August 9, a cryptocurrency analyst identified as “Cryptorphic” revealed that Dogecoin has the potential to increase its value tenfold. Basing his Bullish sentiment Based on several technical and market factors, the analyst predicts that Dogecoin will reach almost $1 in the future.
Cryptorphic explained that since February 2021, Dogecoin has been trading within a defined timeframe accumulation channel. However, it broke out of this range in February 2024 and is currently retesting this critical level. This breakout range is considered a strong bullish signal, which suggests that if The price of Dogecoin remains stable, could determine further upward momentum.
Sharing a chart illustrating Dogecoin’s price movements from 2021 to 2025, the cryptocurrency analyst noted that the meme coin was printing a strong weekly trend. Doji CandleThis unique technical indicator signals significant buying pressure and is often interpreted as a signal of a potential price reversal and uptrend.
Another reason why Cryptorphic believes Dogecoin could hit nearly $1 soon it is due to the potential for SpaceX and Tesla Chief Executive Officer (CEO), Elon Musk’s InfluenceConsidering that Musk’s support has historically driven significant price movements for Dogecoin, the analyst speculates that the Tesla CEO may speak favorably about the meme coin following the United States (USA) Presidential Election in November.
Furthermore, Cryptorphic points out that Dogecoin price is currently trading above the 200-day exponential moving average (EMA) and is struggling to stay above the 100-day EMA. Typically, trading above these ranges is perceived as a bullish indicator for a cryptocurrency.
Additionally, Dogecoin’s Relative Strength Index (RSI) is currently below 45, which suggests that the popular meme coin is overbought and indicates that there is still room for potential future growth.
Cryptorphic further noted that in general, meme coins in the market have outperformed more established cryptocurrency projects and skyrocketed in value. With Dogecoin being one of the most popular cryptocurrencies and the largest meme coin of market capitalizationpredicts that DOGE could lead the charge in the next bull run.
The cryptocurrency analyst concluded his Dogecoin analysis by highlighting that several key technical indicators are currently signaling an imminent bullish move, reinforcing his prediction that DOGE is poised to rally near $1.
Analyst’s Dogecoin HODLing Strategy
In his post, Cryptorphic revealed his HODLing strategy for Dogecoinunderlining his belief and confidence that the meme-based cryptocurrency is poised to see a significant price increase. The analyst revealed that he plans to hold DOGE for the next six months, with a key trigger point being a weekly close above $0.5.
According to CoinMarketCap, Dogecoin is currently trading at $0.10, registering a sharp decline of 8.46% over the past week.
Featured image from CNBC, chart from TradingView
