Dogecoin (DOGE) is up almost 75% in the last 45 days and if one analyst’s forecast is anything to go by, this rally won’t end anytime soon. This comes at a time when many are hoping that DOGE can reach the $0.10 mark and possibly reach new highs.
Why DOGE’s future is bullish
In a video posted on his YouTube channel, crypto analyst Austin Hilton highlighted Dogecoin’s significant gains over the past 45 days and discussed the future trajectory of the meme coin. Austin sounded so optimistic about DOGE when he gave reasons why he believes this rally will continue.
First, he alluded to the fact that the crypto market as a whole was currently on an upward trend as liquidity flowed into the ecosystem. He noted that Bitcoin and other major altcoins have risen as a result. DOGE has not been left behind, as the meme coin is also riding this wave.
With this in mind, he believes Dogecoin will continue to rise as more liquidity is expected to flow into altcoins like the meme coin. He attributed this inflow to the prevailing bullishness Discover Bitcoin ETFswhich Many expect the SEC to approve this in January.
The second reason he is optimistic about DOGE’s future is based on his claim that December is “really, really good” for crypto. He does not expect this to be different in December. So far this month has undoubtedly been good for the crypto market, and this momentum is likely to continue as many position themselves ahead of January.
DOGE price recovers toward $0.1 | Source: DOGEUSD on Tradingview.com
Dogecoin is also looking good on the charts
Several crypto analysts have also spoken out about it DOGE’s future trajectory from a technical analysis perspective. Based on their projections, the meme coin could end the year on a high and potentially achieve gains similar to those of the coin enjoyed it in 2021.
Specific, crypto analyst JD recently noted that Dogecoin’s MACD (Moving Average Convergence Divergence) was about to have another bullish cross. The last time this happened was in 2021, which led to the meme coin seeing a 370x price increase. Based on the chart JD shared, this bullish cross could happen again in 2024.
Based on another crypto analyst’s projections, Dogecoin could gain more than 900% in a move that will see it rise to $0.7And it is predicted that 2024 will also be the year this could happen. The fundamentals also complement these technical analyses plans are ready to send DOGE to the moon (and up the charts).
At the time of writing, DOGE is trading at $0.09, up over 1.50%, according to facts from CoinMarketCap.
Featured image from The Coin Republic, chart from Tradingview.com