Analysts notice Dogecoin showing its classic pattern once again

DOGE (Dogecoin), the OG meme coin, has been on a rollercoaster ride for the past few weeks.

The meme token encountered a brief period of stability before market speculation boosted its price at April’s start. However, the buzz has gradually begun to vanish since the coin has witnessed a massive correction. 

That is why traders and investors are wondering about the future of Dogecoin. Amidst the chaos, every analyst is releasing a DOGE price prediction based on the current situation.

A few days ago, Dogecoin was hovering around 0.08 dollars. Elon Musk, dubbed the godfather of DOGE, vocally supported the coin. In addition, the meme coin generated a surge in trading activity, pushing its price higher.

By April 15th, the coin was soaring to a weekly high of 0.12 dollars. However, the market entered a correction phase, breaking this momentum. Bitcoin and most of the major tokens took a step down with the upcoming halving. Even DOGE is currently losing 1.01% of its value in the past 24 hours, trading at 0.16 dollars. 

In the meantime, a respected crypto analyst, Ali, shared some keen insights on DOGE’s price movements. The analysts acknowledged its volatility in the short run but requested buyers to focus on the long run.

The analyst has highlighted how Dogecoin has potential in the long run. According to Ali, Doge’s community support and utility make the coin an apt store of value and exchange medium.

Historically, Bitcoin’s halving has resulted in bullish price movements. And if history is repeated, the BTC tide can raise every other cryptocurrency.

Seeing how quickly Dogecoin’s price can surge due to market sentiment, BTC halving and good marketing can boost its value once again. If analysts are to believe, Dogecoin’s long-term potential can make it a viable investment option for buyers.