Dogecoin Defies Market Downturn, Analysts Maintain Bullish $2+ Price Targets
Despite recent turbulence across the cryptocurrency market, Dogecoin's macro price target remains staunchly above the $2 mark. Leading crypto analysts are holding firm on their optimistic forecasts, suggesting that the recent market crash has done little to deter the meme coin's long-term potential for significant growth, with some predicting a rally toward a new all-time high of $3 by next year.
Analyst Sentiment Remains Strong for DOGE Recovery
Crypto analyst Hov recently reiterated his unwavering macro target for Dogecoin, signaling a potential rally to $3 by the next year, which would establish a new all-time high for the altcoin. This prediction comes even as DOGE experienced a notable correction, falling over 50% from approximately $0.30 to $0.11 following former President Trump's announcement of 100% tariffs on China. However, Hov notes that this price action has played out as anticipated, and the correction off the low appears "pretty corrective" so far. The immediate focus for traders and investors will be on how Dogecoin's price develops over the coming week to confirm the ongoing C-wave corrective move, with the psychological $0.2 level as a key recovery target. Underlying market optimism is also bolstered by potential trade deals between the U.S. and China, alongside a lower-than-expected September Consumer Price Index (CPI) report, all contributing to Dogecoin's recent bounce.
The Third Bull Wave Approaches
Adding to the bullish outlook, crypto analyst Ether has indicated that Dogecoin is on the cusp of its third major bull wave. Reflecting on past cycles, Ether highlighted Dogecoin's previous significant bull runs in 2017 and 2021, suggesting that another major surge is now loading. Technical indicators support this sentiment, with the analyst noting the long-term downtrend has been broken, and the 25-moving average on higher timeframes is currently acting as a strong support. According to Ether, all technical indicators are "whispering" the dawn of a new cycle, reinforcing the belief that Dogecoin's third bull wave is a matter of "when, not if." As of writing, Dogecoin is trading around $0.19, showing resilience and potential for continued upward momentum.
