Since the beginning of June, Dogecoin (DOGE) has experienced a significant downtrend, shedding more than 22% of its value. Despite this downward momentum, analysts believe DOGE could be on the brink of a major bullish reversal based on technical indicators.
Crypto analyst Big Mike on an X (formerly Twitter) post has revealed a bullish forecast for DOGE that suggests the meme coin could surpass the $1 threshold in this bull cycle.
$DOGE / $USDT possible count into 2025 pic.twitter.com/ua71Njnklm
— BigMike7335 (@Michael_EWpro) June 30, 2024The price prediction is based on the Elliott Wave theory, which is supported by a set of technical indicators.
DOGE 7-day price chart. Source : Finbold
Although Dogecoin is experiencing volatility amidst bearish sentiments, the role of Dogecoin in payments, notably through Tesla‘s (NASDAQ: TSLA) acceptance of Dogecoin payments, could mainstream the cryptocurrency and contribute to its adoption as a viable digital payment method, potentially leading to increased demand and value.
While Dogecoin’s status as a meme coin means its price trends can rise and fall easily, analysts recommend cautious optimism.
Meme coins like Dogecoin are highly susceptible to sudden price swings driven by social media hype and market sentiment. Therefore, while the technical indicators suggest significant potential for growth, investors should remain vigilant to market conditions and external factors that may influence DOGE’s performance.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk
