Bitcoin’s recent sell-off has affect, Dogecoin leading to a 21% crash. Regardless, the long-term outlook remains bullish, which leads many to believe that the Dogecoin price could be on a path to retest $1 this year. Will DOGE bulls pull through?
Dogecoin Price Could Surge To $1: Analyst
Dogecoin price has dropped to $0.3787, down by 21% from its highest level this year. A 20% drop from a local top of $0.4790 is a sign that it has moved into a short-term retracement. This decline is most likely because of the ongoing crypto sell-off, with Bitcoin falling from this month’s high of $99,700 to $92,000.
However, some analysts believe that the Dogecoin price will bounce back and hit $1. As such, the coin needs to rise by 164% from the current level. In a note, Bluntz, who has almost 300,000 followers, noted that the coin was in the fourth phase of the Elliot Wave.
Elliot Wave is a theory that explains how financial assets move over time. Its impulse phase is made up of five stages,
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