Dogecoin (DOGE) Price Analysis
Current Price: $0.107
Market Cap: $15.41 billion
Dogecoin has been on a tear lately, pumping over 4% in the past day to reach a local high of $0.121. The recent tweet from Elon Musk praising the Dogecoin designer seems to have fueled this parabolic move.
However, it's important to note that Dogecoin has historically seen significant corrections after reaching overbought levels. In the past, corrections of 133% and 31% have occurred after the 70+ RSI was hit. If history repeats, we could see a 20% pullback to around $0.096 before the next leg up.
That said, the overall market sentiment is extremely bullish, with Bitcoin also reaching new highs. The meme coin sector is looking juicy, with Dogecoin seeing huge volume on exchanges like Binance and OKX.
Crypto analyst Kaleo predicts that before Dogecoin resumes its bull run, it could see a 30% retracement to $0.08-$0.10, mirroring the August 2020 price action. However, he remains optimistic about Dogecoin eventually reaching $1-$2 during the next major bull run expected in 2025.
