When cryptocurrencies emerged, they were always thought to have a purpose. However, Dogecoin (DOGE), which is currently at the top in its field, shattered this perception. When DOGE, the undisputed leader of the meme coin world, was created years ago, it had no purpose other than being a joke. Despite this, things changed, and with the support of significant market figures, DOGE’s perhaps meaningless rise began unexpectedly. During that period, especially with Elon Musk‘s massive support combined with bull market conditions, the price rose to $0.7. So, what do analysts think about DOGE’s current situation?
Analysts’ Opinion on DOGE
Considering DOGE’s past rise above $0.7, investors continue to wonder when a new surge might occur. However, the price remains far from the mentioned level. Nevertheless, analysts have similar views on a potential new rise.
First, looking at Trader Tardigrade’s statements on X, it is clear that he is focused on a rise. The analyst, who also shared a chart on the subject, highlighted the inverse head and shoulders pattern.
$DOGE continuously forms inverse Head & Shoulders in every cycle. In the current cycle, #DOGECOIN is now at the right shoulder. It will rise again very soon.
Another closely followed analyst in the market, Crypto Tony, also made a statement on X containing a rise expectation.
Updating his view, Tony said:
$DOGE / $USD – Update
0.11c is the level that needs to be reclaimed for a solid entry IMO.
According to the analyst, the $0.11 level is significant for DOGE, and currently, the price is still more than 20% below the mentioned level.
How Much is 1 DOGE?
Looking at DOGE’s current price, it still hasn’t surpassed $0.10. As of the time of writing, DOGE is trading at $0.09502, following a 0.30% drop in the last 24 hours. DOGE’s market cap is $13.8 billion, placing it 8th in market cap ranking according to Coinmarketcap.
Parallel to the price drop, trading volume also decreased, falling by 44.71% to $367 million.
Even a recent DOGE-themed statement by Elon Musk failed to have a significant impact on the price, which worried market participants. Normally, it is known that Elon Musk’s direct positive statements about DOGE have had significant effects on the price in the past.
