DOGE Price Prediction: Analyst Predicts 404% Rally to $0.65 Target
Dogecoin has dropped by 1% in the past 24 hours, with the DOGE price sliding to $0.1215 on a day when the cryptocurrency market as a whole has fallen by 2%.
DOGE is now down by 3.5% in a week and by 25% in the past month, with the meme coin holding onto a 75% gain in a year.
And despite its recent underperformance, some experts are predicting big things for the DOGE price, with one analyst setting it a breakout target of $0.65 a couple of days ago.
Its dip today may be the prelude to such a breakout, with the market having oversold the token for far too long now.
DOGE Price Prediction: Analyst Predicts 404% Rally to $0.65 Target
DOGE’s chart shows that the coin has lost quite a bit of momentum in only a couple of days, although it may now be close to bottoming out and rallying again.
Its relative strength index (purple) has gone from 70 at the start of July to just under 40 today, with the indicator looking like it’s ready to bounce.
At the same time, the 30-day moving average (orange) has recently fallen below the 200-day (blue), a bearish sign that could indicate a little more pain for DOGE before it recovers.
One other worrying sign is that Dogecoin’s 24-hour trading volume is still pitifully low for a supposedly major token, standing at $400 million today.
This compares unfavorably to the $9 billion-plus levels it reached in late February and early March.
As such, it seems that DOGE is still suffering from a lack of interest, with the most recent big DOGE transfers all involving transfers to exchanges.
However, some analysts are now predicting that the coin’s recent losses have put it in a prime position to make a strong move upwards, with one analyst predicting that it could post a 400% gain in the coming months.
$DOGE (Dogecoin) and its next leg up towards the current breakout target @ $0.6533 may be a matter of time and prices could be preparing here for a break above!
As of current, with a price breakout holding, a roughly +404% run to reach this target can be loading… https://t.co/Uy2g7WC1PV pic.twitter.com/m4PiVm3SVx
— JAVON
MARKS (@JavonTM1) June 30, 2024
Such a price would put DOGE on course to return to its current ATH of $0.7316, which it set in May 2021.
Yet critics may argue that, with Bitcoin and other tokens (including meme coins such as Pepe) breaking their former ATHs in recent months, it’s worrying that DOGE is still 83% down from its record high.
It arguably points to a coin in stagnation or even a coin suffering from a slow terminal decline.
A more sober appraisal would therefore suggest that the DOGE price may reach $0.20 by Q4.
Newer Meme Tokens May Rise Higher
Because DOGE is still wholly reliant on the distant possibility of X introducing crypto payments, many traders are likely better off turning to alternatives.
There’s currently a big number of interesting new alts and meme tokens doing the rounds at the moment, including several presale tokens with strong momentum.
One of these is PlayDoge (PLAY), an Ethereum-based cryptocurrency that has raised $5.3 million in its token offering.
PLAY’s sale has been so successful in attracting investors largely because of its strong fundamentals, with the project about to launch a Tamagotchi-style play-to-earn game.
Featuring retro 8-bit graphics, the game will give players the chance to earn rewards by breeding, trading and completing missions with their own virtual pet dogs.
As a token, PLAY will have a capped supply of 9.4 billion tokens, with holders able to earn passive rewards by staking the token.
This combination of capped supply and staking could help to squeeze the token’s supply over time, in turn pushing up its price.
PlayDoge’s sale will end in the next few weeks, but latecomers can still join by visiting the PlayDoge official website.
1 PLAY currently costs $0.00515, although it’s likely to rise much higher once it lists.
The post DOGE Price Prediction: Analyst Predicts 404% Rally to $0.65 Target appeared first on Cryptonews.
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DOGE Price Prediction: Analyst Predicts 404% Rally to $0.65 Target
Dogecoin has dropped by 1% in the past 24 hours, with the DOGE price sliding to $0.1215 on a day when the cryptocurrency market as a whole has fallen by 2%.
DOGE is now down by 3.5% in a week and by 25% in the past month, with the meme coin holding onto a 75% gain in a year.
And despite its recent underperformance, some experts are predicting big things for the DOGE price, with one analyst setting it a breakout target of $0.65 a couple of days ago.
Its dip today may be the prelude to such a breakout, with the market having oversold the token for far too long now.
DOGE Price Prediction: Analyst Predicts 404% Rally to $0.65 Target
DOGE’s chart shows that the coin has lost quite a bit of momentum in only a couple of days, although it may now be close to bottoming out and rallying again.
Its relative strength index (purple) has gone from 70 at the start of July to just under 40 today, with the indicator looking like it’s ready to bounce.
At the same time, the 30-day moving average (orange) has recently fallen below the 200-day (blue), a bearish sign that could indicate a little more pain for DOGE before it recovers.
One other worrying sign is that Dogecoin’s 24-hour trading volume is still pitifully low for a supposedly major token, standing at $400 million today.
This compares unfavorably to the $9 billion-plus levels it reached in late February and early March.
As such, it seems that DOGE is still suffering from a lack of interest, with the most recent big DOGE transfers all involving transfers to exchanges.
However, some analysts are now predicting that the coin’s recent losses have put it in a prime position to make a strong move upwards, with one analyst predicting that it could post a 400% gain in the coming months.
$DOGE (Dogecoin) and its next leg up towards the current breakout target @ $0.6533 may be a matter of time and prices could be preparing here for a break above!
As of current, with a price breakout holding, a roughly +404% run to reach this target can be loading… https://t.co/Uy2g7WC1PV pic.twitter.com/m4PiVm3SVx
— JAVON
Such a price would put DOGE on course to return to its current ATH of $0.7316, which it set in May 2021.
Yet critics may argue that, with Bitcoin and other tokens (including meme coins such as Pepe) breaking their former ATHs in recent months, it’s worrying that DOGE is still 83% down from its record high.
It arguably points to a coin in stagnation or even a coin suffering from a slow terminal decline.
A more sober appraisal would therefore suggest that the DOGE price may reach $0.20 by Q4.
Newer Meme Tokens May Rise Higher
Because DOGE is still wholly reliant on the distant possibility of X introducing crypto payments, many traders are likely better off turning to alternatives.
There’s currently a big number of interesting new alts and meme tokens doing the rounds at the moment, including several presale tokens with strong momentum.
One of these is PlayDoge (PLAY), an Ethereum-based cryptocurrency that has raised $5.3 million in its token offering.
PLAY’s sale has been so successful in attracting investors largely because of its strong fundamentals, with the project about to launch a Tamagotchi-style play-to-earn game.
Featuring retro 8-bit graphics, the game will give players the chance to earn rewards by breeding, trading and completing missions with their own virtual pet dogs.
As a token, PLAY will have a capped supply of 9.4 billion tokens, with holders able to earn passive rewards by staking the token.
This combination of capped supply and staking could help to squeeze the token’s supply over time, in turn pushing up its price.
PlayDoge’s sale will end in the next few weeks, but latecomers can still join by visiting the PlayDoge official website.
1 PLAY currently costs $0.00515, although it’s likely to rise much higher once it lists.
The post DOGE Price Prediction: Analyst Predicts 404% Rally to $0.65 Target appeared first on Cryptonews.
Read More