A crypto analyst has predicted a major positive outlook for the popular dog-themed meme coin, Dogecoin (DOGE)The analyst has given compelling reasons why he believes Dogecoin could soon rise to $1.

Dogecoin’s Bullish Path to $1

In an X (formerly Twitter) after On August 9, a crypto analyst identified as ‘Cryptorphic’ announced that Dogecoin has the potential to increase its value by a factor of ten. Based on his optimistic sentiment Based on various technical and market factors, the analyst predicts that Dogecoin will reach close to $1 in the future.

Cryptorphic explained that Dogecoin has been trading within a defined long-term timeframe since February 2021 accumulation channel. However, it broke out of this range in February 2024 and is currently retesting this critical level. This breakout range is considered a strong bullish signal, suggesting that if Price of Dogecoin If it remains stable, this could lead to further upward movement.

The crypto analyst shared a chart showing Dogecoin’s price movements from 2021 to 2025, noting that the meme coin has seen a strong weekly Doji candleThis unique technical indicator signals significant buying pressure and is often interpreted as a sign of a potential price reversal and uptrend.

Another reason why Cryptorphic believes Dogecoin Could Nearly Hit $1 soon is due to the potential for SpaceX and Tesla Chief Executive Officer (CEO), The Influence of Elon MuskGiven that Musk’s support has historically caused significant price movements for Dogecoin, the analyst speculates that the Tesla CEO could become positive about the meme coin after the US presidential election (US) in november.

Furthermore, Cryptorphic points out that Dogecoin price is currently trading above the 200-day exponential moving average (EMA) and struggling to stay above the 100-day EMA. Normally, trading above these ranges is seen as a bullish indicator for a cryptocurrency.

Furthermore, Dogecoin’s Relative Strength Index (RSI) is currently below 45, indicating that the popular meme coin is overbought and has more room for potential growth in the future.

Cryptorphic further noted that in general, meme coins in the market have outperformed more solid crypto projects and have increased in value tremendously. With Dogecoin being one of the most popular cryptocurrencies and largest meme coin by market capitalizationHe predicts that DOGE will lead the next bull market.

The crypto analyst concluded his Dogecoin analysis by highlighting that several key technical indicators are currently pointing to an impending bullish movement. This reinforces his prediction that DOGE is poised to surge close to $1.

The Analyst’s Dogecoin HODLing Strategy

During his post, Cryptorphic revealed his HODLing strategy for Dogecoinunderlining his belief and confidence that the meme-based cryptocurrency is about to undergo a significant price increase. The analyst revealed that he plans to hold DOGE for the next six months, with a key trigger point being a weekly close above $0.50.

According to CoinMarketCap, Dogecoin is currently trading at a price of $0.10, marking a sharp drop of 8.46% over the past week.

Main image from CNBC, chart from TradingView