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Although the price of Dogecoin (DOGE) has been in a downward trend recently, analysts believe that its long-term trend is still bullish. Analyzing DOGE’s monthly chart, analyst Olivier De Maximus claims that Dogecoin has been moving in a multi-year “upward channel” and that the current decline is only a healthy correction before a big growth. He has drawn a price target of $10 for the future of this meme coin and believes that if this upward channel is maintained, the targets of $12 and $25 are also possible.
Of course, as mentioned, Dogecoin is now in a downtrend and reached the $0.11 range yesterday. However, the hopeful thing is that corrections are stronger than moves in DOGE’s current downtrend. If the buying pressure continues, Dogecoin could grow to the $0.13 and $0.16 ranges. Conversely, if bears enter the market and profit-taking by traders intensifies, DOGE will have no choice but to fall back to $0.11 and then $0.09.
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