Crypto analyst Jmorg has provided an in-depth technical analysis, showing what might happen to Dogecoin price from its current levels. The best Meme coin has already dropped below the psychological $ 0.2 level as part of a wider crypto market correction.
How the dog price can look like from current levels
On one TradingView PostJmorg stated that Dogecoin has meaningful speed behind its Current price actionWhich is clear in the Money Flow Index (MFI). He noted that the indicator accelerates a very low momentum and trends higher on the weekly time frame.
Analysts further pointed out that the Bollinger band width decreases to historical lowness, which may eventually be the catalyst for the necessary volatility needed for Doge to return to or exceed its current highest time (ATH). He claimed that Dogecoin could reach $ 1 based on a Cup-and handle measured movement. At the same time, the main MEME coin may affect $ 0.95 based on the measured movement from an outbreak of the rectangle.
Comment Fibonacci retracingJMORG stated that given the momentum and the potential increase in the volume, a retrace to the current ATH of $ 0.73 seems likely. Analysts added that a break and continuation of the advance higher would put Dogecoin close to $ 1.20.
He continued to refer to Dogecoin’s historical patternwho saw Meme Coin record gains of 8,000% and 2,000%. The analyst noted that a profit of 8,000% would take Dogge to $ 15, or a market value of $ 2.3 trillion. Jmorg pointed out that it seems unlikely, as BTC has a market value of about $ 2.2 trillion.
However, analysts emphasized a scenario in which the Bitcoin Prize collects $ 200,000 and then sends an outbreak of Dogecoin’s wedge to $ 15. He pointed out that such a scenario makes the $ 15 price more realistic and that since crypto is unpredictable is everything possible.
Factors that can send Dogge to new heights
In its analysis, Jmorg also described factors that could send the Dogecoin price to new heights. At first he stated that the election at half -time will mean and that he suspects that Trump administration will do everything to maintain control over DC, which would probably lead to Pro-Cryptop Policy.
Analysts added that pro-cruising policy and liberalization can be a powerful back wind for the US economy, which would help keep people employed and ultimately maintain high asset prices.
Another factor described by Jmorg is Dogecoin ETF. He noted that approval for these funds seems likely, and this can provide a significant source of demand. Dogge ETFs would drive institutional inflows, which can lead to a price increase for the MEME coin.
The last factor is the potential integration of Dogecoin payments on X Social Media platform. The crypto analyst noted that this does not seem unrealistic given that Elon Musk is a big fan of the meme coin. Like Doge ETFs, he said this can give a source of demand for the MEME coin.
At the time of writing, the Dogecoin price is traded at about $ 0.1897, a decrease over 7% over the past 24 hours, according to data From Coinmarketcap.
Image from Unsplash, charts from TradingView
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