- DOGE, the largest meme coin by market capitalization, has seen a surge of approximately 15% in the past week, nearing $0.17. This increase has led analysts to predict a bullish trajectory for the cryptocurrency.
- Experts, including X user Rekt Capital and Crypto Catalysts, have pointed to factors such as the flipping of a multi-year resistance into new support and increased daily transaction volume as indicators of DOGE’s potential to reach $1.
- Historical trends also support this optimistic outlook, with previous price corrections followed by significant surges.
DOGE sees a weekly spike of 15%, nearing $0.17, with analysts predicting a bullish trajectory. Factors such as breaking multi-year resistance and increased transaction volume fuel this optimism.
DOGE Enters a New Bullish Trend?
The cryptocurrency market has seen a revival in recent days, with Bitcoin (BTC) reclaiming the $64,000 mark and Ethereum (ETH) climbing above $3,100. However, Dogecoin (DOGE) has witnessed even more impressive gains, with its price up approximately 15% on a weekly scale, inching towards $0.17. Analysts suggest that this increase has established a predominantly bullish environment for DOGE, with its value potentially rising much more substantially in the following months.
Analysts Predict Bullish Trajectory for DOGE
Analysts, including X user Rekt Capital and Crypto Catalysts, have pointed to factors such as the flipping of a multi-year resistance into new support and increased daily transaction volume as indicators of DOGE’s potential to reach $1. Rekt Capital claimed that Dogecoin has entered a “new Macro Uptrend,” while Crypto Catalysts assumed that DOGE’s path to the milestone of $1 is clear.
Historical Trends Support Optimistic Outlook
Historical trends also support this optimistic outlook. Analyst Ali Martinez noted several occasions in the past years when DOGE’s price dipped before soaring significantly. The first case was in 2017 when DOGE retraced by 40% before exploding by almost 1,000%. The situation repeated four years later, with the token’s valuation nosediving by 56% but later skyrocketing by a whopping 12,000%, reaching an all-time high of almost $0.70. Martinez concluded that DOGE is currently undergoing a similar price correction, which could ignite the next DOGE bull run.
Conclusion
With DOGE’s price up approximately 15% on a weekly scale, analysts are predicting a bullish trajectory for the cryptocurrency. Factors such as the flipping of a multi-year resistance into new support and increased daily transaction volume, as well as historical trends of price corrections followed by significant surges, fuel this optimism. Only time will tell if DOGE will reach the predicted milestone of $1.
