Dogecoin Price Could Double Soon If This One Thing Happens

After a 16% rally the previous week, the Dogecoin price is again on a downtrend following the crypto market red zone. More importantly, it is not so unexpected for the DOGE to fall behind in the charts, as this meme-themed cryptocurrency has not been performing to its holder’s expectations for years now. However, that is about to change as popular crypto analysts have identified a heavy profit-making event where the DOGE price could double if one thing fell in the right place.

Why Dogecoin Price Could Double Soon?

Dogecoin is one of the most popular cryptos and the first choice among the top meme coins to buy. However, its price performance has been unsatisfactory for quite some time despite its popularity and Elon Musk’s support. At its peak, it was trading at $0.7376 three years ago, but now the DOGE price has declined more than 85% ever since then. At the time of reporting, it is worth $0.1034 with market capitalization and trading volume of $15 Billion and $868 Million, but there is hope.

Because of community support and the previous peak, the meme token might rise again. However, with Uptober on hold and the Bull Run being months away, the crypto market cannot push this token to new highs. However, Ali Charts, a popular crypto analyst, has identified an event where the Dogecoin price could double.

The last two times #Dogecoin $DOGE had a MACD bullish crossover on the weekly chart, it rallied 90% and 180%, respectively.

A new MACD bullish crossover could be forming soon! pic.twitter.com/1YfefMe36i

— Ali (@ali_charts) October 2, 2024

As per Ali’s recent post, the last two times DOGE witnessed a bullish crossover on the weekly charts led to heavy gains. He referenced two incidents where the DOGE price surged by 90% and 180%. One of these happened on October 16, 203, when the price reached a high of $0.10 within eight weeks of the crossover. Another time this MACD crossover formed was in February this year, pushing the Dogecoin price to $0.2288 after a 178% surge within six weeks.

The same might happen soon, as Ali forecasted. This same MACD crossover formation could push this meme coin to twice its current price of $0.1034. It also seems possible, as the Moving Average Convergence Divergence (MACD) is the popular technical indicator that reveals the price momentum. And if the charts form a bullish crossover, it means the beginning of an upward trend.

What Does DOGE’s Technical Indicators Say?

The highest Dogecoin price has reached was $0.7376, but analysts anticipate it to hit the $1 mark. However, that is unlikely to happen anytime soon, but with Ali’s analysis, the price could be double or more, where the expected price is around $0.2068, last seen in March’s rally.

However, there is strong selling pressure, with most indicators hinting at selling sentiments in 24-hour charts. With this, an immediate trend reversal is less likely as the RSI is neutral.

RSI being neutral indicates the continuity of ongoing trends. Moreover, the token is seeking support at $0.09139, as it went past the pivot following the downtrend, which might continue if the token failed to bounce from the support towards the resistance at $0.013456. If it crossed the resistance at $0.012356, the DOGE price might initiate an uptrend toward a week’s high.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.