- Analysts forecasted a significant rise of up to $10 in Dogecoin’s price.
- Recent trends and historical patterns supported bullish sentiments for DOGE.
So far, Dogecoin [DOGE] has continued to mirror the overall trend in the crypto market. With the crypto market currently seeing less positive performance, DOGE has also switched to a bearish trajectory.
Following DOGE’s recent spike to as high as above $0.14 on the 23rd of July, the asset witnessed a correction now trading at a price of $0.120—marking a 4.1% decline in the past 24 hours and 2.3% in the past day.
Despite the broader market’s downturn, several crypto analysts have projected an optimistic future for Dogecoin, with some even forecasting a price surge to unprecedented levels.
Bullish outlook on DOGE
Regardless of DOGE’s current plunge, this hasn’t dampened the spirits of some analysts, who foresee a significant rally in Dogecoin’s future.
Prominent crypto analyst Javon, known for his analysis posts on the X platform (formerly Twitter), remained bullish about Dogecoin’s prospects.
According to Javon, Dogecoin’s historical performance after significant log breakouts suggested the potential for massive gains.
In an X (formerly Twitter) post, Javon noted,
“Based on the previous two breakouts, each run has consecutively been larger. If this pattern continues, we could see DOGE surpassing the $10 mark in a potential 7,200% bull run.”
Another analyst, Master Kenobi, shared his predictions for Dogecoin’s ascent, with targets reaching up to $6.9 by the end of March 2025, $0.89 by November 2024 and $2.2 by February 2025.
Is Dogecoin ready for the surge?
Aside from the outlook from these analysts, it is worth looking at DOGE fundamentals to see if the asset is ready for the bullish trajectory predicted by these analysts.
Source: CryptoQuant
The Relative Strength Index (RSI), a key indicator used to gauge market momentum, was 51 for Dogecoin at press time, indicating a neutral market condition.
This suggested that the asset is neither overbought nor oversold, providing a stable ground for potential upward movement if market conditions improve.
Additionally, Dogecoin’s Open Interest, which reflected the total number of outstanding derivative contracts that have not been settled, have shown mixed signals.
Source: Coinglass
While the Open Interest itself has declined by 6%, indicating a decrease in market participation, the Open Interest volume surged by 14%, suggesting that while fewer contracts are open, the value at stake has increased.
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This could imply that investors are preparing for larger moves, whether upward or downward, in the near future.
Regardless, AMBCrypto recent report has echoed a bullish sentiment, disclosing the likelihood of DOGE to surge to $0.3 in the nearest future.
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