Crypto Analyst Altcoin Sherpa has provided an optimistic narrative for the leading meme coin, Dogecoin (DOGE)According to his analysis, DOGE is well-positioned for a bullish trend reversal and could soon experience a parabolic rally.
Why DOGE could rise from its current price level
Altcoin Sherpa mentioned in an X (formerly Twitter) post that Dogecoin has “pretty much bottomed out,” meaning the meme coin could soon hit new highs. However, the analyst warned that the leading meme coin would likely not record the moves the market has seen in the Bull Run 2021 when the DOGE price rose by over 20,000%.
Altcoin Sherpa added that Dogecoin could still see some price gains. He noted that the meme coin has high liquidity and suggested that investors should still consider investing in DOGE. Altcoin Sherpa had already mentioned that Dogecoin is a perfect investment for “big whales” because they can easily invest with a lot of effort and still make significant profits.
Interestingly, Altcoin Sherpa once had described Investors are betting on Dogecoin rising to $0.4 as one of the safest bets to make in this market cycle. A rise to $0.4 for DOGE represents about a three-fold price increase, which Altcoin Sherpa confirmed as quite possible in its recent analysis.
As for his ultra-bullish prediction for Dogecoin, the analyst said already mentioned that the meme coin could eventually rise to as much as $1 in this market cycle. Altcoin Sherpa alluded to the richest man in the world, Elon Musk’s Preference for the meme coin and how Musk could take DOGE to such heights.
While crypto analysts like Altcoin Sherpa suggest that $1 is the highest price Dogecoin can reach in this market cycle, others like Javon Marks have made more ambitious price predictions. Marks has predicted that Dogecoin could rise to as high as $17, explaining that the meme coin could reach such heights because it has always made a bigger run with each subsequent bull run.
Dogecoin must break above the $0.14 mark
Dogecoin is back above the psychological support level of $0.10. Crypto analyst Kevin Capital (formerly OG Yomi) has recommended that the meme coin needs to rise above $0.14 before its price action can be considered bullish again. The analyst had previously specified that Dogecoin is still in a downtrend and has “a lot of work” to do before it can move upwards.
However, some technical indicators show that Dogecoin is well on its way to becoming bullish. Kevin mentioned that the leading meme coin has a “massive bullish divergence” on the 3-day time frame, while on the 3-day 200-day averageHe claimed this was a “very big deal” and something that needed to be watched closely.
At the time of writing, Dogecoin is trading at around $0.10, up over 4% in the last 24 hours. Data by CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
