Dogecoin Price Prediction: Will DOGE Hit $1, $10, or Even $20 This Cycle?

The price of the meme-inspired cryptocurrency Dogecoin ($DOGE) has plunged by more than 15.8% over the last week amid a wider cryptocurrency market correction

The price of meme-inspired cryptocurrency Dogecoin (CRYPTO: DOGE) has plunged by more than 15.8% over the last week amid a broader cryptocurrency market correction that saw the price of the flagship cryptocurrency Bitcoin (CRYPTO: BTC) drop to $65,000.

However, one analyst believes that DOGE's price is now at a "generational bottom."

Crypto analyst Johnny Brah, writing on TradingView, highlighted a significant technical pattern on DOGE's 1-day chart that could signal a bottom in the meme coin's price action.

Brah pointed out that DOGE's Stochastic Relative Strength Index (RSI) has reset for the first time since last year, which could indicate a bottom in the coin's price.

The Stochastic RSI is a technical indicator that was developed to take advantage of the Stochastic oscillator and the Relative Strength Index. It is used to identify overbought and oversold conditions in a security's price.

When the Stochastic RSI is above 0.8, it indicates that a security is overbought and could be due for a correction. Conversely, when the Stochastic RSI is below 0.2, it indicates that a security is oversold and could be due for a rally.

In the case of DOGE, the last time the Stochastic RSI reset was in 2021, and it marked a bottom in the coin's price that was followed by a parabolic price surge.

Specifically, the last time this occurred, DOGE's price rallied from around $0.003 to an all-time high of $0.7 in a mere five months.

After falling sharply from its all-time high, DOGE has struggled to recover and breach the $0.17 mark over the last few weeks.

Meanwhile, the broader cryptocurrency market has been trading in a range after Bitcoin failed to breach its all-time high set earlier this year.

If the scenario outlined by the analyst unfolds, it would mean that DOGE could not only clear $1 but potentially exceed $10 and even reach the $20 mark.

The most optimistic prediction places the price at $24, which would be a staggering 16,500% increase from current levels.

Recently, Altcoin Sherpa, a well-known crypto analyst, shared a detailed post on X (NYSE:TWTR) (formerly known as Twitter) about Dogecoin, predicting a significant upward movement for the meme coin.

suggesting that DOGE reaching $0.40 is "one of the safest trades" in the current market cycle, providing a compelling analysis of the factors supporting this forecast.

News source：https://www.kdj.com/cryptocurrencies-news/articles/dogecoin-price-prediction-doge-hit-cycle.html

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