The price of the most popular meme coin, Dogecoin (DOGE), has been on a rollercoaster this past week. On June 12, the asset price fell from $0.150 to $0.134, resulting in a more than 11% decrease within the past week, according to CoinMarketCap. This decline was primarily driven by the recent drop in itcoin">Bitcoin’s price, which often affects the broader altcoin market.
Despite this recent slump, several experts have highlighted bullish indicators that suggest a potential price rebound for Dogecoin. Crypto analyst Kevin noted that a key Dogecoin indicator, the 12-day Gaussian channel, recently turned green for the first time since 2020, signaling a possible strong bullish trend in the upcoming months. He emphasized that this indicator has consistently predicted trend changes, implying a bullish reversal for Dogecoin.
Additionally, Kevin pointed out Dogecoin’s resilience compared to other altcoins, even as the broader crypto market struggles. He believes that if Dogecoin stays above certain key levels, it could move into the range of $0.26 to $0.33. Furthermore, he identified a bullish pattern in the four-hour chart, suggesting that Dogecoin might test the $0.175 level soon, which he considers a crucial level with significant liquidity.
Another analyst, Marks, shared an even more optimistic prediction, forecasting that Dogecoin could experience a massive 21,700% gain, potentially reaching $17 per coin. Marks based this bold prediction on Dogecoin’s historical breakout patterns, where each subsequent bull run has outperformed the previous one.
Technical analysis also indicates bullish signals for Dogecoin. The Supertrend indicator currently displays a clear buy signal, suggesting that the market trend favors buying. Additionally, the histogram bars are gradually turning green, indicating an increase in buying pressure.
While Dogecoin has experienced a recent price slump, these bullish indicators and expert predictions provide a hopeful outlook for the meme coin’s future. As investors closely watch these developments, the potential for a significant price surge remains a possibility.
