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The cryptocurrency market is abuzz with expectations as analyst Cryptorphic predicts a positive future for Dogecoin (DOGE). In a recent X post, the analyst explained why he thought that DOGE may surge by 10x and approach 1 dollar. This bold prediction has caused a lot of discussion and interest among traders and investors.
DOGE breakout from a long-term accumulation channel is one of the main observations of Cryptorphic. Since February of 2021, DOGE price has been fluctuating between a relatively tight range of 1127 up to the present. This phase was concluded in February 2024 where coin made a huge bullish candle. Since then, the cryptocurrency has been retesting this breakout level which Cryptorphic sees as a critical level for future increases.
$DOGE 10x Potential or too good to be true??🚀
It has been trading within this channel since February 2021, over 1,127 days, until it broke out with a massive candle in February 2024. Since then, it has been retesting the breakout.
Here’s why I believe DOGE can 10x to nearly a… pic.twitter.com/IaDIP6k2I3
— Cryptorphic (@Cryptorphic1) August 9, 2024Bullish Signals For DOGE
Several technical indicators are in line with the analysts’ positive view of the market. He notes that token is presently forming a strong weekly Doji candle which is often taken as evidence of the bulls buying pressure.
Also, it is trading above the 200-day exponential moving average EMA and is in a close fight to remains above the 100-day EMA. These are some of the key levels that could affect token price trend in the future.
Another key indicator is the Relative Strength Index (RSI) which is currently below the 45 level. Based on the findings by Cryptorphic, there is much potential for coin to increase before it reaches the overbought level.
The likes of DOGE have been among the leading performers in the market ahead of other conventional projects. The analyst has expressed that this coin could also dominate this trend in the present bull run.
For those who are planning on getting into DOGE, Cryptorphic suggests holding for the next six months, with an eye on buying more at lower prices. He points to a particular turning point at $0. 11, which, if the token price closes above it on the weekly chart, may mark the beginning of the expected bullish trend.
As DOGE heads towards this critical point, the entire crypto community waits with bated breath and Cryptorphic’s prophecy adds to the anticipation and discourse. As to the question whether it would be able to break the expectations and climb up 10x, only time will tell.
