Dogecoin Price Can Still Reach $1, But It May Not

Dogecoin Price Can Still Reach $1, But It May Not | Crypto News

Crypto analyst XForce has assured that the Dogecoin price can still attain the psychological $1 degree. However, he prompt it could not occur soon, as he alluded to technicals that point out a single pathway for the meme coin to attain this degree. 

Dogecoin Price Can Reach $1 In The Coming Years

In an X post, XForce said that the Dogecoin price still has the potential to file a 10x transfer in the approaching years, probably reaching $1 from its current degree. He additional famous that the concept is narrowed to a single main bullish pathway, in which Wave 4 for DOGE is a potential triangle. 

His accompanying chart confirmed that the Dogecoin price might rally to as high as $1.3 on Wave 5, a transfer which might play out by 2028 based on the technical setup. This notably coincides with a period that analysts such as Benjamin Cowen have predicted might be the height of the next bull run. Meanwhile, the chart also confirmed that a drop below $0.05 might invalidate this setup for DOGE. 

For now, XForce famous that the Dogecoin price continues to maintain above the major low and might be the latest remaining meme coin to go on a major run. DOGE is notably back above the psychological $0.10 degree, following the latest crypto market rally, led by Bitcoin. However, exercise in the derivatives market suggests that merchants are still bearish on the meme coin. 

CoinGlass data exhibits that the long/short ratio is below 1, indicating that most merchants are bearish. Derivatives trading quantity has dropped by over 13%, and open curiosity is down by over 12%. However, the choices trading quantity is up by over 32%, and choices open curiosity is up by 72%. 

A Rally To $5 Could Be On The Cards

Crypto analyst Bitcoinsensus has prompt that a Dogecoin price rally to $5 might be on the playing cards. In an X post, the analyst said that DOGE might have room to push to the $5 price degree if this cycle performs out like earlier ones. Bitcoinsensus famous that in the first cycle, DOGE recorded a 95x surge while it noticed a 310x rally in the second cycle. This third cycle is now taking part in out, which may lead to another parabolic surge. 

Bitcoinsensus famous that in past cycles, the Dogecoin price has thrived during risk-on environments, usually after long stretches of price consolidation before the breakout. The analyst’s accompanying chart confirmed that the meme coin might file this parabolic rally between now and 2027. 

At the time of writing, the Dogecoin price is trading at around $0.10, down over 12% in the last 24 hours, according to data from CoinMarketCap.

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