After a significant market rally, major cryptocurrencies are now undergoing a price correction. In the midst of this, a well-known crypto expert recently shared on X (formerly Twitter) that Dogecoin (DOGE), the popular meme coin, could potentially reach $10 in the next year.
The expert posted a DOGE weekly chart on X, stating, “To anyone who said $10 Dogecoin is impossible—show them this chart.” The chart displayed DOGE moving in an ascending channel pattern, forming higher highs and higher lows.
Upon closer examination of the chart, it is evident that DOGE is currently at a higher low, with the next higher high expected to be around $10 or $12. This analysis led the expert to make the bold prediction. However, it is important to note that this forecast is for the long term and may take several years to materialize.
In terms of current price momentum, DOGE is currently trading near $0.114, experiencing a modest decline of over 1.5% in the past 24 hours. The trading volume has increased by 37%, indicating heightened participation from traders and investors, possibly due to the upcoming US presidential election.
According to CoinPedia’s technical analysis, DOGE recently broke out from the neckline of a bullish double-bottom price action pattern. Despite a recent price correction, it seems to have successfully retested the breakout level near $0.112 and is now facing resistance from the 200-day Exponential Moving Average (EMA).
Based on historical price momentum, a daily candle closing above the $0.118 level could potentially propel DOGE to soar by 20% and reach the $0.135 level in the coming days. Furthermore, the Relative Strength Index (RSI) for DOGE is currently in oversold territory, indicating a possible significant price recovery or rally on the horizon.
