Dogecoin (DOGE), the largest dog-faced meme coin, has been extending losses lately. After shedding over 15% in value in the past month, the DOGE price managed to rebound in the past week. The uptrend could be attributed to the approval of 11 Spot Bitcoin ETFs that propelled altcoin prices up.

Moreover, Elon Musk expressed strong support for Dogecoin recently, which boosted confidence in the DOGE community. In addition, a crypto analyst has made a bold yet promising prediction regarding the Dogecoin price amid the extremely volatile sessions. He expects the meme crypto to rebound to the $0.1 mark and can even surge higher.

Why does the analyst expect DOGE to hit $0.1?

Ali Martinez, a crypto analyst with over 40K followers on X, noted that Dogecoin’s TD Sequential is indicating a ‘buy’ signal on the 3-day chart. He added that as long as DOGE holds the $0.074 support cluster, there are high chances of it rebounding to $0.1 or higher.

According to a post on X by ChartAI Bot, an automated technical analysis provider for crypto, Dogecoin’s resistance level is $0.088. Moreover, World Of Charts, another crypto analyst on X, noted that if DOGE breaks this level, its price can soar by 45% to 50%. This implies a higher target than what Martinez provided.

World Of Crypto eyes a minimum target of $0.1276 after a breakout. Though the target is higher than that of Martinez, it aligns with the latter’s prediction of a ‘higher’ upswing following the attainment of the $0.1 mark. Additionally, analysts expect Elon Musk’s latest statement to be a catalyst for Dogecoin’s bullish rally.

In a recent X space event, Musk reaffirmed unwavering support for Dogecoin by stating that he still holds a substantial amount of DOGE. Musk has a huge influence worldwide, hence, such a statement from him is expected to push Dogecoin’s value up, considering its historical impact. Earlier, in 2021, after Musk endorsed DOGE, the crypto attained an all-time high of $0.7376.

Also Read: Elon Musk’s Dogecoin Support Fuels $DOGE to $1 Speculation

Dogecoin Price Today

Despite last week’s rebound, Dogecoin is trading in the ‘red’ today. The DOGE price was $0.8097 at press time on Monday, indicating a 1.20% decline. However, it has registered a 1-week return of nearly 4%, which isn’t massive but is substantial considering the recent bearish trend.

In contrast, the 24-hour trade volume surged by 19.67% to $404.49 million. Whilst, the market cap stood at $11.5 billion, down by 1.23%. Before plunging lower than $0.081, the meme crypto surpassed the $0.83 mark to attain a high of $0.08362.

On the other hand, though the recent Dogecoin price prediction targets express a bullish sentiment, TradingView analytics suggest otherwise. The DOGE price is trading fairly below the 50-day and 100-day EMA of 0.0851 and 0.0813, respectively. This implies a bearish downturn as witnessed currently.

Also Read: Crypto Rally: Whales Accumulate 1 Bln DOGE & Trillions Of SHIB, Bull Run Ahead?

The post Popular Analyst Predicts Dogecoin Price Rebound To $0.1 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am