Dogecoin has seen a slow price action in recent weeks, with the DOGE price trading around the $0.15-$0.16 area. Many meme coin investors, including me, are wondering when the king will start pumping again.
One very popular crypto analyst has made a bold DOGE price prediction, so let’s dive in.
Dogecoin Price Forecast – Will DOGE Reach $1?
Crypto veteran WIZZ, one of the most popular crypto influencers globally with 700k followers on X (formerly Twitter), made a bold Dogecoin price prediction today that the price will reach $1. He added, “The richest men on the planet will send this hard imo,” probably thinking about Elon Musk. Musk has always talked positively about Dogecoin, which has affected DOGE’s price in the past.
Il retweet this for cloud later
$1 $DOGE
The richest men on the planet will send this hard imo.
🤝
— WIZZ🥷 ( beware scammers ) (@CryptoWizardd) May 27, 2024
Before reaching $1, DOGE’s price first needs to break its previous all-time high of around $0.7 set in 2021. I analyzed the DOGE/USD chart, and we can see that DOGE has been trading inside a sideways channel for months now, between $0.12 and $0.22 (rejected here in late March).
For context, a sideways channel, also known as a horizontal channel or a trading range, is a technical analysis pattern where an asset’s price fluctuates between two parallel horizontal resistance and support levels. In this pattern, the asset’s price is confined within these two levels, creating a rectangular shape on the chart. The resistance level acts as a ceiling, preventing the price from rising further, while the support level acts as a floor, preventing the price from falling below it.
Some technical indicators are worrying as well. The Relative Strength Index (RSI) is now in the 45-50 range, which is a neutral area. Additionally, the MACD line is below the MACD signal line, indicating a potential bearish trend.
DOGE just doesn’t have the momentum right now, so reaching $1 would be challenging in the upcoming weeks. PEPE, along with some other popular meme coins, has taken the spotlight. PEPE price actually broke its all-time high multiple times in May.
However, DOGE’s price will likely come, but Elon Musk may need to “step in” and provide some positive news or support for the biggest meme coin.
Next Meme Coin To Explode?
Conor Kenny, a popular crypto YouTuber with almost 200k subscribers, posted a positive video about WienerAI as one of the best meme coins to buy right now.
WienerAI is described as part dog, part sausage, and part AI trading bot, aiming to provide both entertainment and utility. It offers AI-enhanced trading, predictive features, and zero-fee transactions on a decentralized exchange.
WienerAI is in its presale phase, where 30% of its 69 billion tokens are available. Users can stake tokens to earn rewards, with a current reward rate of 318% per annum. Over $3.2 million was raised so far in presale with hard cap set at around $13 million, so we are still early.
This project offers decent tokenomics since the distribution is 30% to presale, 20% to staking, 20% to community rewards, 10% to liquidity, and 20% to marketing. WienerAI’s roadmap includes plans for a contract audit, pre-sale launch, marketing campaigns, and the eventual launch of the AI trading bot. All in all, this might potentially be the next meme coin to watch. You can buy $WAI tokens only from the official presale website, until launch.
Conclusion
To sum it up, while Dogecoin’s price is currently struggling, analysts like WIZZ have made bold predictions for DOGE to reach $1, which would require a big price pump from the current levels. However, the DOGE chart and technical indicators suggest that such a rally may not happen in the upcoming weeks.
Meanwhile, other meme coins like WienerAI are becoming an interesting topic, with its blend of entertainment and utility features and a (so far) successful presale.
