Dogecoin needs this ‘key’ factor to make it to $1
According to cryptocurrency social media analytics platform, LunarCrush, DOGE was the number 1 meme-based crypto token by social volume within 24 hours.
??Top 10 MEME Coins by 24-Hour Social Volume
1⃣ $doge #dogecoin
2⃣ $shib #shibainu
5⃣ $ass #australiansafeshepherd
7⃣ $ban #banano
9⃣ $hoge #hogefinance
? $hokk #hokkaiduinuhttps://t.co/IOXKwBjfFu pic.twitter.com/mLUeEjA1vj
— LunarCRUSH ? Social Listening for Crypto (@LunarCRUSH) September 5, 2021
Further, pseudonymous crypto analyst and trader “Altcoin Sherpa” tweeted an extreme bullish narrative. Moreover, attached is a technical analysis to support the argument. As per his tweet, DOGE hitting $1 in the medium term was just a matter of time.
It's when… pic.twitter.com/bDTYmrFZri
— Altcoin Sherpa (@AltcoinSherpa) September 4, 2021
Considering DOGE’s current price, it certainly has a long way to go and could require some patience from its investors. Another analyst, Justin Bennett stated,
“DOGE is one of those where the moment you think it’s dead and get out, it takes off without you.”
The following chart explains his optimism.
He further stated:
“Staying patient with the second half of my position from the 27s. Patience is key if you aren’t already in. Either dips 0.295 or reclaim 0.31. That’s how I’d approach it if I weren’t already in.”
In addition to this, analyst Scott Melker opined that DOGE’s price will retrace to the $0.35 mark shortly.
— The Wolf Of All Streets (@scottmelker) September 5, 2021
Different exchange platforms have listed Dogecoin. In the year-to-date (YTD) period, DOGE-USD stands at a massive 6508% mark.
So the question is, whether DOGE will reach for new highs in the coming days, only time can tell.