A crypto analyst has shared his projections on the future trajectory of the foremost meme coin, Dogecoin (DOGE). He also hinted as to when DOGE would experience this tremendous rally that would make it rise to $0.7.
When DOGE Will Hit $0.7
In a post shared on his X (formerly Twitter) platform, crypto analyst Captain Faibik stated that an "epic pump" is not far for Dogecoin. From the accompanying chart he shared, this projected rally would see the meme coin rise to $0.7. This move, which will see DOGE gain over 900%, is expected to happen in the first half of 2024.
Source: X
There seems to be a general bullish sentiment around Dogecoin from a technical analysis perspective. Recently, crypto analyst MonoCoinSignal highlighted how DOGE's price had entered an important zone. He noted that this zone, alongside other indicators, suggests a bullish momentum as the meme coin could be on its way up.
Another crypto analyst who goes by Jhonnybrah on Tradingview had also hinted that a god candle might be incoming for DOGE's price. Unlike MoonCoinSignal, Jhonnybrah provided potential price targets that DOGE could hit. The first target for the god candle happens to be just below $0.14, with the second target above the $0.22 mark.
DOGE price rises above $0.1 | Source: DOGEUSD on Tradingview.com
A Dogecoin Parabolic Move In 2024 Confirmed?
Crypto analyst JD also recently shared his thoughts on DOGE's price action. The crypto analyst suggested that the charts were properly set up for a significant rally in the meme coin's price. He stated that the "King of Memcoins" had a "beautiful chart structure" based on the monthly chart he shared.
JD noted that the MACD (Moving Average Convergence Divergence) was on the verge of having another bullish cross. The last two times this happened are said to be in 2017 and 2021, when DOGE saw a 62x and 370x, respectively, in its price. Based on the chart he shared, 2024 could be when DOGE experiences this bullish cross again.
There seems to be no doubt about Dogecoin's incoming pump, especially considering that the meme coin's price has trended low for a while now. Several macro factors are also aligning toward this upward trend. Recently, Bitcoinist reported that the open interest on Dogecoin has crossed the $500 million threshold.
Meanwhile, Dogecoin recently achieved a new milestone as it was reported that over 5 million addresses now hold DOGE tokens. The belief in the meme coin seems to be growing, and with that in mind, more liquidity could flow into its ecosystem soon enough.
At the time of writing, DOGE is trading at around $0.10, up over 17% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Inside Telecom, chart from Tradingview.com
Source: NewsBTC.com
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