Crypto Analyst Explains Why Dogecoin Price Will Hit $1

The recent Bitcoin sell-off has had an impact, with Dogecoin leading to a 21% crash. Regardless, the long-term outlook remains optimistic, leading many to believe that Dogecoin price could be poised to retest $1 this year. Will DOGE bulls make it through this?

Dogecoin price could reach $1: analyst

Dogecoin price fell to $0.3787, down 21% from its highest level this year. A 20% decline from the local high $0.4790 is a sign that it has entered a short-term retracement. This drop is most likely due to the ongoing sell-off in cryptocurrencies, with Bitcoin falling from this month’s high of $99,700 to $92,000.

However, some analysts believe that Dogecoin price will rebound and reach $1. As such, the token is set to rise by 164% from the current level. In a note, Bluntzwho has nearly 300,000 followers, noted that the coin is in the fourth phase of the Elliot Wave.

Elliot Wave is a theory that explains how financial assets change over time. Its impulse phase is made up of five stages, the third being the longest. The fourth wave is generally corrective and is followed by the fifth bullish wave.

In another article, Gladiatora popular analyst, believes that DOGE price has more upside potential as its performance mirrors that of the last bull cycle of 2021. He expects that the coin can reach $10 by the turn of the year.

Meanwhile, Trader Tardigrade noted that the value of DOGE the coin formed a very tight flag pattern, a rare sign that indicates strong upward movement. He expects Dogecoin to rise to $1, especially if FOMO picks up.

DOGE price analysis as it hits key support

Dogecoin price retreated after forming a doji candlestick pattern on November 24. A doji is characterized by long upper and lower shadows and a small body. This is one of the most bearish reversal patterns in the market.

The coin fell and reached crucial support, consisting of the lowest swings from November 12 and 17. If it ends the day above this support level, it will be a sign that it has formed a morning star candle, a popular candle. bullish reversal sign.

Dogecoin price has remained above the 50-day and 200 moving averages. It is also above key support at $0.2286, the upper part of the cup and handle pattern.

Therefore, as it has formed a bull flag-like pattern, it is likely to bounce back in the coming days. If that happens, the initial target will be $0.4795, its highest level this month. A break above this level would indicate further gains, potentially up to $1.

On the other hand, a decline below the lower side of the ascending channel at $0.3646 will invalidate the Dogecoin Price Prediction. This breakdown could push it to the psychological level of $0.30.

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Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.