Some analysts continue to share bullish expectations for Dogecoin (DOGE), one of the largest altcoin projects. Meanwhile, the Dogecoin price has lost 30 percent of its gains this summer. However, some think that DOGE will experience a 10-fold increase. Here are the details…
Analyst drew attention to popular altcoin DOGE
Dogecoin (DOGE), which is traded on Binance and many exchanges, is known by many because it is the largest meme coin. It is also seen as a speculative investment. Therefore, it is on every investor’s watch list. Dogecoin price is far from its all-time high of $0.75. This week, the bears managed to depress the DOGE price another 30 percent. It brought its current market cap to $0.064 on August 27.
But while reviewing techniques, DOGE price has more room to fall, according to analyst Tony M. However, an analysis based on the descending Volume Profile Indicator stands out. According to the analyst, a fair assessment can be made that DOGE will one day pull back to its all-time high. A Dogecoin bull run targeting an all-time high at $0.75 will result in a 10x increase in profits. That is, an investment of $100 at the current DOGE price will yield a profit of $1,000 when and if the uptrend occurs.
DOGE also has potential for decline
Despite the optimistic outlook, the analyst warns investors. It signals that DOGE has a lot of room to fall without invalidating the bullish macro idea. Based on previous forecasts and sharp liquidation towards the end of August, $0.02 DOGE is still possible. This indicates a 60 percent decrease.
As such, the analyst points to a dollar-cost approach, “still the best way to think about dealing with the world’s favorite meme coin,” he says. The bulls may have a chance to produce a closing candle above $0.10. It is worth noting that if this happens, the expected 10x bull run could happen.
Meanwhile, DOGE seems to be in the focus of whales. As we reported as Kriptokoin.com, Whale Stats, which examines the movements of whales, pointed to the increase in DOGE investments of BNB whales. Looking at the top 100 BNB Chain whales, Dogecoin stands out as the 13th largest held asset. BNB whales hold an average of 906,000 DOGE. Meanwhile, the popular meme coin is deepening its depreciation due to the overall market decline. DOGE is changing hands at $ 0.061 at the time of writing. So, it has lost 3.6 percent in the last 24 hours.
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