Dogecoin Price Could Double Soon If This One Thing Happens

Dogecoin Price Poised for Double-Digit Surge, Analysts Predict

Despite a recent downtrend, Dogecoin (DOGE) is poised for a turnaround following a significant price rally just last week. Notably, this downtrend is not unexpected, as the meme-themed cryptocurrency has underperformed market expectations for several years. However, analysts predict a significant profit-making event that could double DOGE's price.

Why Dogecoin Price Could Double Soon

As one of the most popular cryptocurrencies, DOGE remains a top choice among meme coin enthusiasts. Despite its popularity and support from Elon Musk, its price performance has been disappointing, with an 85% decline from its peak of $0.7376 three years ago.

However, the Dogecoin community remains supportive, and a previous bull run suggests that the token may rise again. Popular crypto analyst Ali Charts has identified an event that could lead to a significant surge in DOGE's price.

MACD Bullish Crossover

According to Ali, the last two MACD bullish crossovers on DOGE's weekly chart resulted in impressive gains of 90% and 180%, respectively. A similar crossover appears imminent, potentially driving the price towards double its current level of $0.1034.

The MACD (Moving Average Convergence Divergence) is a technical indicator that measures price momentum. A bullish crossover indicates the beginning of an upward trend.

Technical Indicators

Analysts anticipate that DOGE could reach the $1 mark eventually. However, in the near term, a doubling of its price is more likely, with a target of $0.2068.

However, there is still selling pressure, with indicators suggesting a neutral RSI (Relative Strength Index). This indicates that current trends are likely to continue. DOGE is currently seeking support at $0.09139, below which a further downtrend could occur.

If resistance at $0.013456 is breached, an uptrend could begin, potentially pushing the price towards its weekly high.