Dogecoin Could Hit $0.5 in Just Few Months, Says Expert

The cryptocurrency market is experiencing a recovery phase following a period of volatility, with major tokens receiving significant bullish support. Additionally, memecoins, including popular ones like Dogecoin, are displaying strong upward potential.

Despite substantial bearish activity over recent months, Dogecoin’s price has shown resilience and is anticipated to initiate a new uptrend of approximately 35%, potentially leading to a 180% upswing.

DOGE New Moves

Dogecoin’s price had been confined within a bearish descending triangle, but a recent upswing has pushed it above the pattern’s resistance levels. Following a brief retracement after the bullish breakout, bullish sentiment appears to be building for a new upward trend. Should bulls successfully close the weekly trade on a bullish note, it is expected that Dogecoin’s price will reach new yearly highs.

Renowned analyst, Altcoin Sherpa, is of the opinion that the token is gearing up for its next bullish move, potentially offering lucrative returns. Furthermore, the analyst believes Dogecoin may achieve the same market capitalization as during the previous bull run, with the potential for levels surpassing $0.5. However, according to the analyst, this bullish drive may take another 6 to 12 months.

$DOGE is a great coin to have but the returns aren't going to be near the same as last cycle due to the marketcap. Still, it's a good one if you have huge size and still want to capture *some* of the meme mania. This will probably go to $0.50+ in the next 6-12 months IMO pic.twitter.com/UfVGzIdmpm
— Altcoin Sherpa (@AltcoinSherpa) July 26, 2024

Price Action

After bouncing back from interim lows at $0.1, Dogecoin’s price broke out of the bearish pattern. Despite the rise, the buying volume has remained relatively constrained, raising some concerns about future trends.

Nevertheless, the Relative Strength Index (RSI) has remained elevated after rebounding from 50, indicating the start of a new bullish trend. Consequently, with the recent uptrend, it is anticipated that Dogecoin’s price will maintain a robust upward trajectory moving forward.

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OLAJIDE SAMUEL

Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.

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