Dogecoin price is on every investor’s watch list as a speculative investment could yield draw-dropping returns in the future.
Dogecoin price is a long way south from its all-time highs at $0.75. This week the bears managed to suppress the DOGE price an additional 30%, bringing the current market value to $0.064 on August 27.
When reviewing the technicals, the DOGE price has more space to fall. However, based on the tapering Volume Profile Indicator (suggesting a bottom is near), a fair assessment could be made suggesting that DOGE will one day retrace back towards the all-time high.
A Dogecoin Bullrun targeting the all-time high at $0.75 would result in a 10x increase in profit, Meaning that a 100-dollar investment at the current DOGE price would yield a $1,000 profit if and when the bullish retracement occurs.
DOGE/USDT 2-Day Chart
Despite the optimistic overview, investors should know that DOGE has much more space to fall without invalidating the bullish macro idea. Based on previous forecasts and the sharp liquidation towards the end of August, a $0.02 DOGE is still possible, resulting in an additional 60% decline.
Therefore, a dollar-cost approach is still the best way to consider dealing with the world’s favorite meme coin. It is worth noting that the start of the anticipated 10X Bullrun could ensue if the bulls can produce a closing candle above $0.10.
For an in-depth macro analysis, please consider reading Why DOGE could fall to $0.02.
In the following video, our analysts deep dive into Dogecoin's price action, analysing key market interest levels. – FXStreet Team
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