Dogecoin Price Could Soar 900%: Analyst Predicts What Needs To Happen
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Since reaching a yearly high of $0.2288 on March 28, Dogecoin's price plummeted by over 54%. Crypto analyst Cryptorphic predicts a possible 900% surge for Dogecoin based on seven key factors ranging from technical indicators to market trends.
Cryptorphic highlights a recent breakout above the long-term accumulation channel and the potential impact of a strong weekly Doji candle, signaling significant buying pressure from bulls.
Elon Musk's influence, particularly his potential promotion of Dogecoin after the presidential election, could significantly boost speculative sentiment around DOGE.
Technically, Dogecoin's current position above the 200-day EMA and the need to close above the 100-day EMA are critical points for a bullish move.
The Relative Strength Index (RSI) below 45 indicates there is room for growth without entering overbought territory, reducing the risk of a major sell-off.
The current trend of memecoins outperforming more fundamentally solid projects could also favor Dogecoin in a bullish cycle. A weekly close above $0.11 could catalyze the anticipated rally, as multiple indicators suggest a bullish move is on the horizon.
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