The meme coin industry has been moving rather slowly over the past couple of weeks. While several assets managed to revisit their all-time highs or set new ones, Dogecoin (DOGE) and Shiba Inu (SHIB) were still at a distance. The OG meme cryptocurrency DOGE soared to a high of $0.7376. This happened about four years ago, in 2021. The asset has been struggling to reclaim this milestone again. The closest that DOGE has surged to is $0.4835. Despite this, an analyst is optimistic about the meme coin’s potential ascent.
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Analyst Urges Investors To Remain Positive
According to an analyst, Dogecoin’s three-month chart is reportedly showing positive indications. In a recent post on TradingView, the expert pointed out that the asset’s price has been forming higher lows. This further suggests an upward trend. But the Relative Strength Index (RSI) is on the decline. A “bullish divergence,” which usually indicates a possible reversal or rally, is produced by this disparity.
While the sentiment around Dogecoin has been quite negative, he nudged investors to remain optimistic. The analyst went on to show the possibility of Dogecoin hitting new highs in the future. But he did not set an exact price target. He specifically advised Dogecoin supporters to keep an optimistic outlook and disregard unfavorable news that might cause brief swings. He added,
“New all-time highs [likely for Dogecoin]—don’t be fooled by the news.”
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Dogecoin’s Current Price Chart
At the time of writing, the OG meme coin was trading at $0.1644. This follows a 3.40% rise throughout the past 24 hours. It should be noted that DOGE has been on a downtrend lately and has dipped by 16% during the last seven days. Currently, the meme coin sits 77% below its all-time high. While the above analysis brings some positivity into the market, investors continue to remain vigilant.
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