DOGE Price Prediction: Analyst Predicts 404% Rally to $0.65 Target
Dogecoin has dropped by 1% in the past 24 hours, with the DOGE price sliding to $0.1215 on a day when the cryptocurrency market as a whole has fallen by 2%.
DOGE is now down by 3.5% in a week and by 25% in the past month, with the meme coin holding onto a 75% gain in a year.
And despite its recent underperformance, some experts are predicting big things for the DOGE price, with one analyst setting it a breakout target of $0.65 a couple of days ago.
Its dip today may be the prelude to such a breakout, with the market having oversold the token for far too long now.
DOGE’s chart shows that the coin has lost quite a bit of momentum in only a couple of days, although it may now be close to bottoming out and rallying again.
Its relative strength index (purple) has gone from 70 at the start of July to just under 40 today, with the indicator looking like it’s ready to bounce.
At the same time, the 30-day moving average (orange) has recently fallen below the 200-day (blue), a bearish sign that could indicate a little more pain for DOGE before it recovers.
One other worrying sign is that Dogecoin’s 24-hour trading volume is still pitifully low for a supposedly major token, standing at $400 million today.
This compares unfavorably to the $9 billion-plus levels it reached in late February and early March.
As such, it seems that DOGE is still suffering from a lack of interest, with the most recent big DOGE transfers all involving transfers to exchanges.
However, some analysts are now predicting that the coin’s recent losses have put it in a prime position to make a strong move upwards, with one analyst predicting that it could post a 400% gain in the coming months.
$DOGE (Dogecoin) and its next leg up towards the current breakout target @
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