© Reuters Dogecoin price could double in coming weeks
FXStreet cryptocurrency analyst Akash Girimath shared on Wednesday (13) his price predictions for the market’s favorite memecoin ().
According to the analyst’s projection, the price of the meme cryptocurrency could increase by 100% in the coming weeks. In other words, DOGE can double in price, despite the “slow and steady downtrend”.
DOGE must fall and then rise
As the analyst pointed out, the current correction has dropped the price of the digital currency by 12% in the last week. However, it is close to converting a crucial support area into a resistance barrier.
“Although the current outlook is bearish, this decline will create a much needed bottom reversal pattern, driving the DOGE to nearly double in value.”
According to Girimath, the price of Dogecoin rose 38% between September 28th and October 2nd. In that rally, it surpassed the resistance area of USD0.212 to USD0.230 and turned it into a support barrier.
The analyst noted that this was an optimistic development. However, the altcoin market began to see a decline in interest among users as rumors of an ETF began to circulate.
This devaluation of the “alternative” cryptocurrency market caused DOGE to plummet by 18%. After the fall, the cryptocurrency reached the current price that is within the mentioned barrier.
For the analyst, a decisive close below $0.212 will indicate that bulls are losing and the chances of extending this pullback are high.
In that case, Dogecoin’s price should revisit the September 29 swing low of $0.195. At this point, the cryptocurrency will have a chance to form a double bottom and reverse the fall.
Triple fund will raise DOGE to US$0.314
If the memecoin fails to reverse the bearish scenario, it could drop to USD 0.1789 or even USD 0.16.
“Here, the Dogecoin price will form a triple bottom configuration. This will be a sign that a massive uptrend awaits DOGE holders. Assuming a similar rally begins, the price of Dogecoin will cut temporary barriers and race to $0.314. This increase would represent a 97% increase from US$0.160.”
In relation to the current price of US$ 0.22, the jump to US$ 0.314 would correspond to an appreciation of 42%.
By Easy Crypt
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