Even though crypto analysts have been quite sure about Dogecoin potential, not everyone in the industry has the same viewpoint.
As per Pav Hundal, the answer to the question “Can dogecoin reach $1?” was that hoping for a $1 price target for dogecoin could be risky.
So, Will Dogecoin reach $1?
Let’s find out!
Reasons Why Dogecoin Might Not Reach $1-
In the interview, Hundal says that the Dogecoin holder base may make it dangerous for the price to rise to $1. This, according to the crypto researcher, is because many DOGE holders bought the meme coin in 2021 because of the excitement around it at the time. However, these holders are currently nursing losses at the current levels.
The simple logic behind all this is that these holders will not let go of any opportunity to break even. Once the price surges, the selling pressure on these investors will increase with underwater dogs waiting to secure some gains.
Furthermore, the crypto expert thinks that because the meme currency won’t see “the deep books of this cycle,” it might not perform well. This speaks to the notable decline in its open interest as investors’ attention has shifted to other meme coins.
Other analysts, however, do not concur with Hundal’s pessimistic prediction. In particular, Rekt Capital has maintained a rather positive stance on the memecoin currency. The expert thinks Dogecoin won’t perform poorly merely because new meme coins are launching and liquidity is being spread. Also, Dogecoin tends to repeat its performances each cycle leading analysts to believe that it will go higher this time as well.
Dogecoin Prediction – Odds Of DOGE Breakout Are High!
Cobra Vanguard, a cryptocurrency analyst, concurs with Rekt Capital in saying that Dogecoin is poised for success. According to their study, the ascending pattern of the Dogecoin chart has been optimistic for the cryptocurrency.
The ascending triangle chart is in itself a positive indication. Given these factors, the expert thinks there’s a good chance the meme coin will stage another bull run from here. The analyst stated, “DOGE is in an ascending triangle, which means the price is about to do a good bullish movement.” Price increases are permitted up to the measured price movement (AB=CD). Although it hasn’t happened yet, the breakout that is required to increase further should occur shortly.
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Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
