Recently, Dogecoin experienced a 7% decline, dropping to 0.175 USD due to a 5% decrease in the cryptocurrency market overall and concerns stemming from the Bybit hack.

Analyst EWT anticipates that Dogecoin could rise to 8.50 USD, representing a staggering 4,250% increase, based on Elliott wave analysis showing it might be in the early stages of a bullish trend.

Indicators suggest that Dogecoin is oversold and ready for recovery. Forecasts indicate that the price may stabilize at 0.2 USD by the end of the month and rise to 0.275 USD later in the year.