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Dogecoin (DOGE) has been up close to 75% in the last 45 days and if one analyst’s projection is anything to go by, this rally isn’t coming to an end anytime soon. This comes at a time when many are hoping that DOGE can hit the $0.10 mark and possibly reach new highs.
In a video posted on his YouTube Channel, crypto analyst Austin Hilton highlighted Dogecoin’s significant gain in the last 45 days and discussed the future trajectory of the meme coin. Austin sounded so bullish on DOGE as he gave reasons why he believes this rally will continue.
Firstly, he alluded to the fact that the crypto market as a whole was currently enjoying an upward trend as liquidity was flowing into the ecosystem. He noted that Bitcoin and other major altcoins have picked up as a result of this. DOGE hasn’t been left behind, as the meme coin is also riding this wave.
With this in mind, he believes that Dogecoin will continue to rise as more liquidity is expected to flow into altcoins like the meme coin. He attributed these inflows to the bullishness around Spot Bitcoin ETFs, which many expect the SEC to approve in January.
The second reason why he is bullish on DOGE’s future is based on his assertion that December happens to be “very, very good” for crypto. As such, he doesn’t expect this December to be any different. So far, this month has undoubtedly been good for the crypto market, and this momentum is likely to continue as many position themselves ahead of January.
DOGE price recovers toward $0.1 | Source: DOGEUSD on Tradingview.com
Several crypto analysts have also weighed in on DOGE’s future trajectory from a technical analysis perspective. Based on their projections, the meme coin could end the year on a high and possibly enjoy similar gains to the one it enjoyed in 2021.
Specifically, crypto analyst JD recently noted that Dogecoin’s MACD (Moving Average Convergence Divergence) was on the verge of having another bullish cross. The last time this happened was in 2021, which led to the meme coin seeing a 370x gain in its price. Based on the chart that JD shared, this bullish cross could happen again in 2024.
Based on another crypto analyst’s projections, Dogecoin could gain over 900% in a move that will see it rise to $0.7, And 2024 is also predicted to be the year that this could happen. The fundamentals also complement these technical analyses as there are plans in place to send DOGE to the moon (and up the charts).
At the time of writing, DOGE is trading at $0.09, up by over 1.50%, according to data from CoinMarketCap.