Dogecoin (DOGE) Price Prediction 2023-24: Will DOGE Hit $1 This Year?
- WBOYOriginal
- 2024-07-27 00:09:46791browse
Dogecoin demonstrates a strong ascending move after remaining consolidated for an extended period which revives the possibility of a bullish upswing
After remaining consolidated for an extended period, Dogecoin demonstrates a strong ascending move which revives the possibility of a bullish upswing.
The price retraced strongly as the bulls jumped into action at the right time while the volume remained limited within the range.
Crypto markets are recovering after a brief turbulence, with the major tokens receiving bullish support. Memecoins are also gaining strength, with popular memecoins like Dogecoin displaying bullish prospects. Having faced massive bearish activity in the past few months, DOGE price is now expected to trigger a fresh upswing of around 35%, which may further lead to a 180% upswing.
Stuck within a bearish descending triangle, the latest upswing in the past fortnight has brought the levels above the resistance of the pattern. After the bullish breakout, the price retraced for a while and now appears to be gearing up for a fresh ascending trend. If the bulls manage to close the weekly trade on a bullish note, then the Dogecoin price is expected to form new yearly highs.
A popular analyst, Altcoin Sherpa believes the token is preparing for the next bullish action which could offer great returns. The analyst believes the token may reach the same market cap that it attained during the previous bull run. Hence, the next bullish push could even bring the levels to cross $0.5. However, as per the analyst, the token may take another 6 to 12 months.
Having rebounded from the interim lows at $0.1, the Dogecoin price soared to break from the bearish pattern. Despite the rise, the buying volume remained within a range, which may raise concerns over the upcoming trend. However, the RSI remained high after rebounding from 50, indicating the beginning of a fresh bullish spell. Hence, with the recent ascending trend, the DOGE price is expected to maintain a strong ascending trend hereafter.
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