A crypto analyst has predicted a major bullish outlook for popular doggy themed meme coin, Dogecoin (DOGE). The analyst has shared compelling reasons why he believes Dogecoin could surge as high as $1 soon.
In an X (formerly Twitter) post on August 9, a crypto analyst identified as ‘Cryptorphic’ disclosed that Dogecoin has the potential to increase its value by tenfold. Basing his bullish sentiment on several technical and market factors, the analyst foresees Dogecoin hitting nearly $1 in the future.
Cryptorphic explained that since February 2021, Dogecoin has been trading within a defined long term accumulation channel. However it broke out of this range in February 2024, and is currently retesting this critical level. This breakout range is considered a strong bullish signal, suggesting that if Dogecoin’s price holds steady, it could lead to further upward momentum.
Sharing a chart depicting Dogecoin’s price movements from 2021 to 2025, the crypto analyst noted that the meme coin was printing a strong weekly Doji candle. This unique technical indicator signals substantial buying pressure and is often interpreted as a sign of a potential price reversal and uptrend.
Another reason why Cryptorphic believes Dogecoin could hit almost $1 soon is due to the potential for SpaceX and Tesla Chief Executive Officer (CEO), Elon Musk’s influence. Considering, Musk’s support has historically driven significant price movements for Dogecoin, the analyst speculates that the Tesla CEO might speak favorably on the meme coin following the United States (US) Presidential elections in November.
Additionally, Cryptorphic points out that Dogecoin’s price is currently trading above the 200-day Exponential Moving Average (EMA), and battling to stay above the 100-day EMA. Typically, trading above these ranges is perceived as a bullish indicator for a cryptocurrency.
Moreover, Dogecoin’s Relative Strength Index (RSI) is currently below 45, suggesting that the popular meme coin is overbought, and indicating that there was more room for potential growth in the future.
Cryptorphic further noted that generally, meme coins in the market have been outperforming more solid crypto projects and skyrocketing in value. With Dogecoin being one of the most popular cryptocurrencies and largest meme coin by market capitalization, he predicts that DOGE may lead the charge in the next bull run.
The crypto analyst concluded his Dogecoin analysis by highlighting that several key technical indicators are presently signaling an upcoming bullish move, reinforcing his prediction that DOGE is poised to rise close to $1.
During his post, Cryptorphic revealed his HODLing strategy for Dogecoin, underscoring his belief and confidence that the meme-based cryptocurrency is poised to witness a significant price increase. The analyst disclosed 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, reflecting a steep decline of 8.46% over the past week, according to CoinMarketCap.
Featured image from CNBC, chart from TradingView
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