After a notable rally across the market, major cryptocurrencies are experiencing price correction. Amid this, a prominent crypto expert made a post on X (previously Twitter), stating that the popular and largest meme coin Dogecoin (DOGE) has the potential to reach $10 in the coming year.
DOGE Could Hit $10, Says Expert
In a post on X, he stated, “To anyone who said $10 Dogecoin is impossible—show them this chart.” He shared a DOGE weekly chart, showing the meme coin moving in an ascending channel pattern, forming higher highs and higher lows.
While examining the chart, it appears that DOGE is currently at its higher low, and the next higher high is expected to be near $10 or $12. Based on this analysis, the analyst made this statement. However, this prediction is for the long term and may take years to achieve that target.
Current Price Momentum
At press time, DOGE is trading near $0.114 and has experienced a modest price decline of over 1.5% in the past 24 hours. During the same period, its trading volume jumped by 37%, indicating increased participation from traders and investors, likely due to the upcoming presidential election in the United States.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, DOGE recently broke out from the neckline of a bullish double-bottom price action pattern. However, with the recent price correction, it appears to have successfully retested that breakout level or neckline near the $0.112 level and is currently facing resistance from the 200-day Exponential Moving Average (EMA).
Based on the historical price momentum, if DOGE closes a daily candle above the $0.118 level, there is a strong possibility it could soar by 20% to reach the $0.135 level in the coming days.
Meanwhile, DOGE’s Relative Strength Index (RSI) supports this bullish outlook, as it is currently in an oversold area, potentially hinting at a massive price recovery or rally.
Source: https://coinpedia.org/news/dogecoin-doge-to-10-heres-what-experts-are-saying/