A crypto analyst has predicted a major uptrend for the popular dog-themed meme coin. Dogecoin (DOGE)The analyst has given compelling reasons why he believes Dogecoin could soon rise to as much as $1.
Dogecoin’s bullish path to $1
In an X (formerly Twitter) post On August 9, a crypto analyst named “Cryptorphic” announced that Dogecoin has the potential to increase its value tenfold. Based on his bullish sentiment Due to several technical and market factors, the analyst expects Dogecoin to reach almost $1 in the future.
Cryptorphic stated that Dogecoin has been trading within a defined long-term period since February 2021 Accumulation channelHowever, it broke out of this area in February 2024 and is currently testing this critical level again. This breakout area is considered a strong bullish signal and suggests that if Dogecoin price remains stable, this could lead to further upward momentum.
The crypto analyst shared a chart showing Dogecoin’s price movements from 2021 to 2025 and noted that the meme coin has a strong weekly Doji candle. This unique technical indicator signals significant buying pressure and is often interpreted as a sign of a possible price reversal and uptrend.
Another reason why Cryptorphic believes Dogecoin could almost reach $1 soon due to the potential for SpaceX and Tesla Chief Executive Officer (CEO), Elon Musk’s influenceConsidering that Musk’s support has led to significant price movements in Dogecoin in the past, the analyst speculates that the Tesla CEO will Presidential elections in the United States (USA) in November.
Furthermore, 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. Usually, trading above these areas is considered bullish indicator for a cryptocurrency.
Furthermore, Dogecoin’s Relative Strength Index (RSI) is currently below 45, indicating that the popular meme coin is overbought and there is more room for potential growth in the future.
Cryptorphic further noted that in general Meme Coins on the market have outperformed more solid crypto projects and their value has skyrocketed. Dogecoin is one of the most popular cryptocurrencies and the biggest meme coin of Market capitalizationhe predicts that DOGE could take the lead in the next bull run.
The crypto analyst concluded his Dogecoin analysis by emphasizing that several key technical indicators are currently signaling an impending uptrend, supporting his prediction that DOGE is on the verge of rising to nearly $1.
The Analyst’s Dogecoin HODLing Strategy
In his post, Cryptorphic revealed his HODLing strategy for Dogecoinunderscoring his belief and confidence that the meme-based cryptocurrency will experience a significant price increase. The analyst announced that he plans to Hold DOGE for the next six months, with a key trigger point being a weekly close above $0.5.
Currently, Dogecoin is trading at a price of $0.10, representing a sharp decline of 8.46% over the past week, according to CoinMarketCap.
Featured image from CNBC, chart from TradingView
