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Approximately 5 years after Bitcoin, a significant development occurred that could impact the entire cryptocurrency world. This development was the emergence of the first meme coin, which was none other than Dogecoin (DOGE). Following this, DOGE adapted to market movements for a long time and saw an incredible rise, reaching its historical peak, especially after receiving support from Elon Musk. After this process, DOGE rose to $0.7376, but its decline was equally sharp. Analysts’ expectations for DOGE seem to be increasing.
Analysts’ Comments on DOGE
While it remains a question whether DOGE will rise to $1 again, it seems it first needs to reclaim the $0.10 region it lost. Despite this, analysts’ faith in DOGE remains strong.
First, when we examine the analysis of one of the market’s well-known analysts, World of Charts, it appears that DOGE is moving within a channel and could move to $0.1060 if it breaks the upper resistance line.
The analyst’s comment was as follows:
#Doge, which has been consolidating in a short range for a while, is trying to clear the range upwards. In case of an upward breakout, an 8-10% rise wave is expected.
On the other hand, a post by Crypto Tony on X reflected another bullish expectation. Tony examined important resistance and support lines on the weekly chart and revealed possible price targets. The analyst’s statement was as follows:
Doge’s revival time will come.
<img class=”aligncenter size-full wp-image-386321″ src=”https://coin-turk.com/wp-content/uploads/2024/09/Dogecoin -doge-crypto-tony-coin-turk-com-scaled.jpg” alt=”” width=”2560″ height=”1282″ />
What Is DOGE’s Current Price?
While it remains a question whether the undisputed leader of the meme coin market, DOGE, will reach $1 one day, its price decline continues in parallel with the market. As of the time of writing, DOGE is trading below $0.10 at $0.09715.
DOGE’s market cap has fallen to $14 billion, positioning it 8th in market cap rankings. Despite the decline in SHIB, its closest meme coin rival, DOGE is still $7 billion ahead of SHIB. Lastly, DOGE’s 24-hour trading volume is reflected in the charts as $446 million after a 24% drop.
In the future, it will remain a question whether the support from Elon Musk or other famous figures can push DOGE’s price back to $1.
