Dogecoin (DOGE), the meme-fueled cryptocurrency, has been a rollercoaster ride lately, leaving investors scratching their heads about its next move. While some analysts predict a potential plunge, others see a chance for a meteoric rise.

DOGE on the Brink?

Popular crypto analyst YG Crypto has sent shivers down the spines of DOGE holders with a bearish forecast. YG Crypto warns that DOGE could plummet to $0.09, citing the coin’s precarious position near a critical support zone of $0.11200-$0.11500. A break below this level could trigger a “deep correction,” according to the analyst.

Dogecoin Needs a Breakout for Liftoff

YG Crypto isn’t all doom and gloom. He acknowledges that DOGE can still avoid a freefall if it manages to break above $0.16 and climb to the upper channel limit of $0.170-$0.176. This breakout would signal a potential reversal and a return to more bullish territory.

Analyst Kaleo: A Reality Check

Dogecoin enthusiast Kaleo offers a more grounded perspective. He acknowledges the possibility of a dip to $0.08-$0.10, mirroring the downward trend DOGE has exhibited since its explosive rallies in 2021. Kaleo attributes this to the natural cycle of meme coins and doesn’t anticipate a significant upswing until late 2023 or early 2024.

But Can DOGE Hit $1 or Even $2?

Despite the bearish predictions, Kaleo surprisingly doesn’t rule out a surge to $1 or even $2 in the future, fueled by a hypothetical “memecoin supercycle.” However, the timing of this potential surge remains unclear.

Big Mike: Charting a Course for a 440% Rise

Technical analyst Big Mike (@Michael_EWpro) throws a bullish wrench into the mix. Using Elliott Wave theory and Fibonacci retracement levels, Big Mike paints a picture of a potential 440% surge for DOGE. This analysis hinges on the completion of a corrective phase and the beginning of a powerful Wave 3, which could propel DOGE to new highs near $0.67.

DOGE Technical Indicators Offer Mixed Signals

Big Mike finds support for his bullish outlook in technical indicators like the RSI and MACD. However, the RSI currently sits in neutral territory, suggesting the potential for movement in either direction. The MACD hints at a possible bullish crossover, which could bolster the case for an upswing.