Dogecoin Price Analysis: DOGE Price Predicted to Skyrocket by Over 100%
According to Altcoin Sherpa, a popular crypto expert, Dogecoin (DOGE) could see a significant price surge and reach $0.50. However, this increase is not expected to happen overnight and investors may need to be patient. Sherpa advises that investors might have to forgo other potentially profitable investments while waiting for DOGE to reach this price point. They also mention that the popularity of other meme coins like Shiba Inu (SHIB) and Pepe (PEPE) could shift the spotlight away from DOGE and complicate its ascent.
Sherpa’s analysis indicates that Dogecoin is breaking through resistance markers, particularly the exponential moving averages (EMA). The current retesting of the critical 89-day EMA suggests a possible trend reversal that could propel DOGE back to $0.50, a price it last reached in late 2021.
Currently, Dogecoin is trading at $0.071, with a positive change of nearly 3% in the last day. However, DOGE still faces challenges as it navigates a bullish short-term trend channel and approaches a strong long-term resistance level in the upper $0.07 range. The next immediate resistance level is $0.077.
One significant factor in Dogecoin’s market movements is Elon Musk. The cryptocurrency experienced a nearly 4% price surge in just minutes following a tweet from the Tesla and SpaceX CEO. Musk’s social media presence has historically influenced DOGE’s price trajectory, suggesting that his influence will continue to affect the coin’s future performance.
Despite the positive short-term outlook, Dogecoin’s long-term price prediction leans towards bearish unless it can decisively break past the looming resistance zone. If it fails to do so, the token may retest its yearly lows. However, if Altcoin Sherpa’s analysis holds true and investors remain patient, Dogecoin could surprise the crypto community with a $0.50 price tag.