Dogecoin (DOGE) Price Prediction: Experts Are Bullish on the Meme Coin. Can it Reach $1?

Several experts are bullish on the most popular meme coin in the market. Some even predict the coin will reach a high of $12 even when underperforming.

Since the price tested $0.175 on May 26, it's been on a steady downward movement. Although an attempt to shift the momentum has been made, the bears are still active.

Today, June 6, 2024, DOGE has stabled around $0.160, with the chart displaying an indecision candle. However, in the past 24 hours, DOGE, which has a market cap of over $23.7 billion, has been down almost 3%.

Despite the slight bearish sentiment, experts believe the price will soon hit new highs. Can DOGE even hit this target, or what could propel this significant rally?

DOGE Ready' to Hit $12, Says Analyst

A recent TradingView user Crypto Kinfolk price analysis highlighted Dogecoin's potential for significant gains. The Analyst noted that in past cycles, DOGE has increased significantly.

Specifically, Dogecoin saw over 21,000% gains between 2015 and 2017 and more than 50,000% during the 2020/2021 crypto bull market. According to Crypto Kinfolk, Dogecoin's price movements in each cycle followed a similar pattern: a bear market, an accumulation period, and a massive bull run.

The Analyst believes that DOGE has completed its bear market phase and is now breaking out of its accumulation phase. Therefore, Crypto Kinfolk set three ambitious targets for Dogecoin's price. He predicted DOGE could reach $4.20, $10.10, and eventually $12 in a distant bullish phase.

However, the Analyst also acknowledged that the meme coin market is highly competitive, with new meme coins constantly emerging and gaining momentum.

As a result, Dogecoin may face some challenges before it can achieve these high price levels. To reach the target price of $12, it would need to increase by 74,000% from its current price of $0.16.

This is a significant target, but past performance shows that such gains are possible in the volatile cryptocurrency market.Meanwhile, Crypto Knifolk is not the only expert with a positive market view for DOGE.

Dogecoin Price Could Reach $0.40; Analyst Calls It a Safe Investment

On May 29, 2024, a famous crypto trader, Altcoin Sherpa, posted a detailed Dogecoin analysis on X, forecasting a significant increase in Dogecoin's price.According to Altcoin Sherpa, investing in Dogecoin (DOGE) is one of the safest trades" in the current crypto market.

He clearly analyzed the factors supporting this prediction, making it a reliable trade. Firstly, Sherpa thinks retail investors will push DOGE's price up because, in the past, Dogecoin has attracted many everyday traders, especially when the market is bullish.

Secondly, he stated that Elon Musk's tweets can significantly affect DOGE's price. As a well-known supporter of Dogecoin, Musk's social media posts have previously caused rapid price increases.

Another factor highlighted by Sherpa is DOGE's liquidity. The Analyst said that DOGE has great liquidity/low downside compared to other meme coins." Sherpa also believes that Dogecoin could do better than many lesser-known altcoins.

Although Sherpa revealed that he doesn't hold any DOGE, he urged everyone to buy some for passive income. According to him, you can benefit from holding DOGE without trading actively.

Dogecoin Gains Traction in Australia as Kraken Pro Adds DOGE/AUD Trading Pair, Another Bullish Catalyst

Kraken Pro, a leading cryptocurrency trading platform, has expanded its trading options by introducing a new Dogecoin trading pair.

The platform, backed by U.S.-based exchange Kraken, announced the addition of DOGE/AUD via an X post on June 5. This strategic move provides users with more flexibility in their cryptocurrency trading. Before, Australians had to convert their money (AUD) to another currency like (USD) to buy DOGE.

With this integration, they can buy DOGE directly with AUD, making things easier and even faster. As a result, more Australians might be interested in buying DOGE.

More Australians trading DOGE on Kraken Pro could increase demand, potentially pushing the price. This development could even attract other platforms within the country to integrate DOGE, positively influencing the price.

Dogecoin (DOGE): Bullish Signals Emerge as DOGE Shows Strength

Dogecoin (DOGE) is displaying bullish signs regarding price action. The SuperTrend indicator signals a buy, indicating a positive market trend. The red histogram bars are also fading, suggesting that the bearish pressure is weakening. This could potentially lead to a reversal in the trend.

Also, the Positive Volume Trend (PVT) indicator is at 4.4 billion. A high PVT value indicates intense buying pressure in the market, which could support further upward movement in DOGE's price.

Overall, the technical indicators suggest a possible price increase for DOGE soon. However, the crypto market is volatile, and prices can deviate from predictions.

The good news is that a new meme coin is attracting more investors every day, offering a low entry price and potential returns in a short time.So, while DOGE strives to go bullish, interested investors can consider the coin below.

Dogecoin Rival Soars: PlayDoge Presale Hits $2.9 Million, Analyst Bullish

The new coin, PlayDoge, has gathered over $2.9 million from its presale in less than two weeks of launch. Considering the presale success, analysts predict the coin will rally significantly when it becomes tradeable on exchanges.

PlayDoge: Get Rewarded for Raising a Doge

PlayDoge has brought Tamagotchi to your mobile device. This feature will allow you to earn the native token $PLAY. However, you must complete a simple task - raising a virtual pet Doge.

Just like a Tamagotchi, you need to feel, play with, and take care of your Doge to keep it happy. The more you play with your Doge and do mini-games, the more PLAY tokens you earn.

Also, you can stake (invest) your PLAY tokens to earn even more tokens. This is like interest on your money. You can earn a reward of 114% APY for your staked tokens, and over 164 million tokens have been staked.

During the crypto presale, each token is currently priced at $0.00504. This is an opportunity to buy a token at a low rate before it increases in the next 24 hours.With the present pressure, the presale might end faster. So, grab the opportunity now before the price rally.

The post Dogecoin (DOGE) Price Prediction: Experts Are Bullish on the Meme Coin. Can it Reach $1? appeared first on The Tech Report.