Will Dogecoin Price Hit $1? Analyst Predicts Massive 10x Surge – Here’s How

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Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

Over the past 24 hours, the Dogecoin price has seen a notable 6.19% decline amidst a wider market retracement, with meme coins down an average of 6.15%. Despite this setback, one analyst forecasts a $1 Dogecoin on the horizon.

This recent dip disrupts Dogecoin’s growth streak, which had seen the coin rise by 18.41% since last Monday—a trend consistent among most other notable cryptocurrencies.

As Dogecoin edges closer to recovering from its losses over the past month, it now stands just 5.62% below its previous levels.

Interestingly, engagement with Dogecoin seems to be on the rise. The meme coin’s trading volume has surged by 41.29%, reaching $651.35 million over the past 24 hours, indicating sustained investor interest despite the recent price drop.

In an August 9th X post, prominent analyst Cryptorphic pointed to the convergence of several technical and fundamental factors as grounds for a potential 10x breakout for Dogecoin.

The analyst noted that since Dogecoin’s February breakout, the meme coin has retraced back into a significant long-term Accumulation Channel.

This channel previously kept Dogecoin’s price rangebound for over 1,127 days, dating back to February 2021.

Cryptorphic highlighted that Dogecoin is currently retesting a breakout above this long-term accumulation channel, suggesting that a successful retest could pave the way for a major upward move.

$DOGE 10x Potential or too good to be true??