Crypto Analyst Altcoin Sherpa has given a bullish narrative for the leading meme coin, Dogecoin (DOGE)Based on his analysis, DOGE is well prepared for a bullish reversal and a parabolic rally could take place soon.

Why DOGE Could Rise From Current Price Levels

Altcoin Sherpa Named in an X (Formerly Twitter) after that Dogecoin has “truly bottomed out,” meaning the meme coin could soon soar to new heights. However, the analyst cautioned that the leading meme coin would likely not register the moves the market has seen in the 2021 boom when the price of DOGE rose by more than 20,000%.

Altcoin Sherpa added that Dogecoin should still be able to make some price gains. He noted that the meme coin has strong liquidity and suggested that investors should still consider investing in DOGE. Altcoin Sherpa had previously mentioned that Dogecoin was a perfect investment for “big whales” as they could easily invest with a large portfolio and still make significant profits.

Interestingly, Altcoin Sherpa once described Investors are betting on Dogecoin rising to $0.4 as one of the safest bets anyone can make in this market cycle. A rise to $0.4 for DOGE represents roughly a 3x price gain, which Altcoin Sherpa confirmed in its recent analysis as very possible.

As for his extremely optimistic prediction for Dogecoin, the analyst previously mentioned that the meme coin could eventually rise to $1 this market cycle. Altcoin Sherpa hinted at the richest man in the world, Elon Musk’s fondness for the meme coin and how Musk was able to take DOGE to such heights.

While crypto analysts like Altcoin Sherpa have suggested that $1 is the highest price Dogecoin can reach in this market cycle, others like Javon Marks have made more ambitious price predictions. Marks has predicted that Dogecoin could rise in value to as much as $17, explaining that the meme coin could reach such heights because it made a bigger run with each subsequent bull run.

Dogecoin needs to break above $0.14

Dogecoin is back above the psychological support level of $0.10. However, crypto analyst Kevin Kapitaal (formerly OG Yomi) has suggested that the meme coin needs to break above $0.14 before the price action can be considered bullish again. The analyst had previously mentioned that Dogecoin was still in a downtrend and had “a lot of work” to do before it could turn bullish.

However, some technical indicators show that Dogecoin is well on its way to becoming bullish. Kevin called the top meme coin a “huge bullish divergence“on the 3 day time frame while I’m on the 3 day 200-day moving averageHe claimed this was a “very big deal” and something to keep a close eye on.

At the time of writing, Dogecoin is trading at around $0.10, up over 4% in the past 24 hours, according to facts from CoinMarketCap.

Main image created with Dall.E, chart from Tradingview.com