Bitcoin’s recent sell-off has affect, Dogecoin leading to a 21% crash. Regardless, the long-term outlook remains bullish, which leads many to believe that the Dogecoin price could be on a path to retest $1 this year. Will DOGE bulls pull through?
Dogecoin Price Could Surge To $1: Analyst
Dogecoin price has dropped to $0.3787, down by 21% from its highest level this year. A 20% drop from a local top of $0.4790 is a sign that it has moved into a short-term retracement. This decline is most likely because of the ongoing crypto sell-off, with Bitcoin falling from this month’s high of $99,700 to $92,000.
However, some analysts believe that the Dogecoin price will bounce back and hit $1. As such, the coin needs to rise by 164% from the current level. In a note, Bluntz, who has almost 300,000 followers, noted that the coin was in the fourth phase of the Elliot Wave.
Elliot Wave is a theory that explains how financial assets move over time. Its impulse phase is made up of five stages, with the third one being the longest. The fourth wave is usually a corrective one and is followed by the bullish fifth wave.
Dogecoin Price Elliot Wave
In another post, Gladiator, a popular analyst, estimates that DOGE price has more upside as its performance mirrors that of the last bull cycle in 2021. He expects that the coin could jump to as high as $10 at the turn of the year.
Meanwhile, Trader Tardigrade noted that the value of DOGE coin was forming a high tight flag pattern, a rare sign that indicates a strong upward movement. He expects that Dogecoin will jump to $1, especially if FOMO resumes.
DOGE Price Analysis As It Hits Key Support
Dogecoin price has pulled back after it formed a doji candlestick pattern on November 24. A doji is characterized by long upper and lower shadows and a small body. It is one of the most bearish reversal patterns in the market.
The coin has dropped and hit a crucial support, which is made up of the lowest swings on November 12 and 17. If it ends the day above that support level, it will be a sign that it has formed a morning star candle, a popular bullish reversal sign.
Dogecoin price has remained above the 50-day and 200-moving averages. It is also above the key support at $0.2286, the upper side of the cup and handle pattern.
Therefore, since it has formed a bullish-flag-like pattern, there is a likelihood that it will bounce back in the coming days. If this happens, the initial target will be at $0.4795, its highest swing this month. A break above that level will point to more gains, potentially to $1.
Dogecoin Price Chart
On the other hand, a drop below the lower side of the ascending channel at $0.3646 will invalidate the Dogecoin price prediction. That breakdown could push it to the psychological level at $0.30.
The post Crypto Analyst Explains Why Dogecoin Price Will Hit $1 appeared first on CoinGape.
