A crypto analyst has predicted a major bullish outlook for the popular dog-themed meme coin, Dogecoin (DOGE)The analyst shared compelling reasons why he believes Dogecoin could hit $1 soon.
Dogecoin’s Bullish Path to $1
In an X (formerly Twitter) job On August 9, a crypto analyst identified as “Cryptorphic” revealed that Dogecoin had the potential to increase in value by ten times. Based on bullish sentiment Based on several technical and market factors, the analyst predicts Dogecoin to reach near $1 in the future.
Cryptorphic explained that since February 2021, Dogecoin has been trading on a defined long term accumulation channel. However, it broke out of this range in February 2024 and is currently testing this critical level again. This breakout range is considered a strong bullish signal, suggesting that if Dogecoin Price If the price remains stable, this could lead to further upward momentum.
Sharing a chart depicting Dogecoin’s price movements from 2021 to 2025, the crypto analyst noted that the meme coin is printing a strong week Doji CandleThis unique technical indicator signals substantial buying pressure and is often interpreted as a sign of a potential price reversal and an uptrend.
Another reason why Cryptorphic believes Dogecoin Could Reach Near $1 soon is due to the potential of the CEO of SpaceX and Tesla, Elon Musk’s influence. Considering that Musk’s support has historically led to significant price movements for Dogecoin, the analyst speculates that the Tesla CEO could speak favorably of the meme coin after the United States Presidential Elections in November.
Additionally, Cryptorphic points out that Dogecoin price is currently trading above the 200-day exponential moving average (EMA) and struggling to stay above the 100-day EMA. Typically, trading above these ranges is seen as a bullish indicator for a cryptocurrency.
Additionally, Dogecoin’s Relative Strength Index (RSI) is currently below 45, suggesting that the popular meme coin is overbought and indicating that there is more room for potential growth in the future.
Cryptorphic also noted that generally, Meme parts on the market have outperformed stronger crypto projects and seen their value skyrocket. Dogecoin being one of the most popular cryptocurrencies and the largest meme coin in market capitalizationhe predicts that DOGE could lead the charge in the next bull run.
The crypto analyst concluded his Dogecoin analysis by highlighting that several key technical indicators are currently signaling an upcoming bullish move, reinforcing his prediction that DOGE is poised to surge near $1.
Analyst’s Strategy for Holding Dogecoin
During his post, Cryptorphic revealed his HODLing strategy for Dogecoinemphasizing his belief and confidence that the meme-based cryptocurrency is poised for a significant price increase. The analyst revealed that he plans to keep DOGE for the next six months, with a key trigger point of a weekly close above $0.5.
Currently, Dogecoin is trading at a price of $0.10, reflecting a sharp decline of 8.46% over the past week, according to CoinMarketCap.
Featured image from CNBC, chart from TradingView
