Following its 2021 price surge, Dogecoin has become one of the most sought after cryptocurrencies, with many expecting it to repeat that performance. Since then, Dogecoin’s price has failed to surge, something investors were expecting. However, this period of underperformance may be coming to an end as one cryptocurrency analyst expects a major surge in the price of the meme coin.

Dogecoin price hits all-time high

Despite recovering from the recent market crash, Dogecoin’s price remains well below its all-time high of $0.07376 reached in May 2021. To some, this is a bad sign, while others believe it means the meme coin is at a level worth buying.

Why DOGE’s price could rise from current levels

Altcoin Sherpa mentioned in a post on X (formerly Twitter) that Dogecoin has “bottomed out,” meaning the meme coin could soon rise to new highs. However, the analyst warned that the leading meme coin is unlikely to record the kind of moves the market witnessed during the 2021 bull run, when Dogecoin’s price rose by more than 20,000%.

Altcoin Sherpa pointed out that despite the recent price volatility of Dogecoin, some gains are still expected. He emphasized that Dogecoin has high liquidity and advised investors to continue to pay attention to the cryptocurrency. Previously, Altcoin Sherpa said that Dogecoin is an ideal investment option for "big whales" because they can easily make large-scale investments and still make considerable profits.

Interestingly, Altcoin Sherpa has described investors betting on Dogecoin to $0.4 as one of the safest bets in this market cycle. Dogecoin reaching $0.4 would represent a roughly 3x increase in price, which Altcoin Sherpa reiterated in its recent analysis is entirely possible.

This is undoubtedly encouraging news for Dogecoin investors. Altcoin Sherpa's analysis triggered a series of discussions in the market, with investors discussing the potential outbreak and future development of Dogecoin. This prediction immediately sparked investors' interest in Dogecoin, and they increased their attention to this cryptocurrency.

As for his extremely bullish prediction for Dogecoin, the analyst previously mentioned that the meme coin could eventually rise to $1 during this market cycle. Altcoin Sherpa mentioned the love of the world’s richest man, Elon Musk, for the meme coin and how Musk could push Dogecoin to such heights.

While cryptocurrency analysts such as Altcoin Sherpa believe Dogecoin can rise as high as $1 in this market cycle, others such as Javon Marks have made more aggressive price predictions. Marks predicts that Dogecoin can rise as high as $17, explaining that the meme coin has been able to reach such high prices because it has achieved larger gains in each subsequent bull run.

Dogecoin needs to break through $0.14

Dogecoin has returned above the psychological support level of $0.10, which is a good sign. However, cryptocurrency analyst Kevin Capital (formerly known as OG Yomi) pointed out that in order to see Dogecoin prices rise again, it needs to break through the key resistance level of $0.14. Kevin Capital said that in his opinion, Dogecoin is still in a downtrend and needs "a lot of work" to turn bullish.

As a meme coin, the price fluctuations of Dogecoin have always attracted much attention. Investors are paying attention to its trend, especially in the recent situation of large fluctuations in the cryptocurrency market. There is still uncertainty in the market about the future trend of Dogecoin, so investors need to remain vigilant and make decisions by considering various factors.

In general, although Dogecoin has returned to the psychological support level of $0.10, in order to see its price rise again, it needs to break through the key resistance level of $0.14. For investors, it is necessary to remain vigilant and make decisions based on various factors. After all, the cryptocurrency market is volatile, with risks and opportunities coexisting.

However, some technical indicators show that Dogecoin is gradually on the way to a bull run. Kevin mentioned that the most important meme coin has formed a "huge bullish divergence" on the 3-day time frame while being at the 3-day 200-day moving average. He claimed that this is "a big thing" and worth keeping a close eye on.

At the time of writing, Dogecoin is trading at around $0.10, having gained more than 4% in the past 24 hours, according to CoinMarketCap.