Could DOGE Rally 7,200 To Reach $10?
A look at Dogecoin shows that the meme token has mirrored the overall trend recorded in the broader crypto market.
Since the performance in the market has turned less positive, DOGE has also seen a bearish trajectory. On July 23rd, the meme coin rose above the $0.14 mark.
However, not long after this spike, it also saw a correction, which saw it come down to $0.120. This was a decline of 4.1% in 24 hours, while the weekly decline stood at 2.3%.
Despite the downturn in the broader crypto market, many crypto analysts have projected a positive trajectory for Dogecoin in the future.
Some have even forecasted a surge in price to unprecedented levels.
Bullish Outlook
Even though the price of the original meme token has plunged recently, it does not appear to have deterred analysts. They believe that Dogecoin will have a significant rally in store in the future.
Javon, a renowned crypto analyst, has remained bullish about the prospects of DOGE. The analyst said that the historical performance highlights the potential for huge gains.
He said that if the last two breakouts are taken into account, each of them has had a larger run as compared to the previous one.
Therefore, if DOGE sticks to this pattern, then the meme coin could surpass the $10 mark. This would result in a bull run for the meme token that would push it up by 7,200%.
More Predictions
Master Kenobi, another analyst, also shared predictions regarding the ascent of Dogecoin. He said that it could climb to as high as $6.9 in March of the coming year.
He expects DOGE to reach $2.2 in February of 2025, but before that, it could climb to $0.89 in November of this year.
Not only do these analysts predict a positive outlook for Dogecoin, but its fundamentals also point towards the same.
They show that the largest meme token in the market in terms of market cap is prepared for a bullish trajectory.
The Fundamentals
One of the most prominent indicators that comes in handy to gauge market sentiment is the Relative Strength Index (RSI).
At publishing time, DOGE’s RSI stood at 51, which points towards a neutral market condition.
This shows that the meme coin is neither in oversold nor in overbought territory. It provides a stable ground for a potential movement upward, as long as market conditions also improve.
Furthermore, Open Interest for Dogecoin has also shown mixed signals. There has been a 6% decline in Open Interest, which points towards a fall in market participation.
However, there has been a 14% increase in Open Interest Volume, which means a fewer number of contracts are open, but there has been a rise in the value.
This could hint towards larger movements coming from investors soon, which could go upward or downward.
Recent reports have also highlighted the bullish sentiment surrounding Dogecoin, as it is expected to climb to $0.3 in the near future.
