The Dogecoin price has recently experienced a 6.19% decline over the past 24 hours, following a wider market retracement that saw meme coins down an average of 6.15%. Despite this setback, one analyst predicts a $1 Dogecoin on the horizon. The recent dip interrupts Dogecoin’s growth streak, which had seen the coin rise by 18.41% since the previous Monday. However, Dogecoin is now just 5.62% below its previous levels, indicating potential for recovery. Additionally, engagement with Dogecoin appears to be increasing, as trading volume has surged by 41.29% over the past 24 hours, reaching $651.35 million. This suggests sustained investor interest despite the recent price drop.
An analyst known as Cryptorphic has pointed to various technical and fundamental factors that could lead to a potential 10x breakout for Dogecoin. The analyst highlighted that Dogecoin is retesting a breakout above a significant long-term accumulation channel that previously kept the price rangebound for over 1,127 days. Dogecoin has displayed resilience by holding above key moving averages and printing a strong weekly Doji candlestick pattern, indicating easing selling pressure. A relative strength index (RSI) around 45 also suggests room for growth. The critical trigger point for a breakout is cited as a close above $0.11 on the weekly chart.
Despite the bullish technical factors, Dogecoin’s price action is often influenced by external factors, such as Elon Musk’s expected promotion of Dogecoin following the US presidential election and anticipation of Dogecoin integration into X’s upcoming payments feature. The analyst noted that meme coins have been outperforming solid projects recently, and Musk’s influence could propel Dogecoin to lead the charge in the current bull run. However, it may be some time before the full rollout of X payments due to licensing hurdles, which could limit short-term price catalysts for Dogecoin.
In the midst of potential limitations for Dogecoin’s price catalysts, investors may consider diversifying into newer opportunities like Base Dawgz, a Shiba Inu-inspired meme coin. Base Dawgz has gained traction by redefining community engagement through its innovative share-to-earn system, where users earn rewards by sharing related content on social media. This incentivizes active participation and contributes to the coin’s success, with over $2.8 million raised in its presale so far. Investors are currently earning an impressive 889% APY at a presale price of $0.007414, making it an appealing prospect for those looking to maximize their investment, even amidst broader market retracements.
In conclusion, the recent dip in Dogecoin’s price amidst a wider market retracement has prompted speculation about a potential $1 price target on the horizon. Analysts have highlighted technical and fundamental factors that could lead to a 10x breakout for Dogecoin, with the coin displaying resilience and holding above key moving averages. Despite external factors influencing the price action of Dogecoin, such as Elon Musk’s expected promotion and integration of Dogecoin into X’s payments feature, investors may explore newer opportunities like Base Dawgz for high gains potential through its innovative community engagement strategies. However, it is important to note that cryptocurrency investments are high-risk assets, and investors should conduct thorough research and exercise caution when investing in such volatile markets.
