Dogecoin Will Reach $0.6533? Analysts Predict a 404% Increase!
Editorial
- Dogecoin Potential Price Movement
- Dogecoin Showing Signs of Price Surge
Dogecoin has shown signs of a potential major price surge with bullish technical indicators and significant uptrend.
At press time, Dogecoin was trading at $0.1264, up 3.36% in the last 24 hours. With a market cap of $18.32 billion, it is the ninth largest cryptocurrency. Trading volume also increased by 34.81% to $407.29 million, placing Dogecoin at number 15 on the list of cryptocurrencies.
Analyst Forecasts
Crypto experts have given a positive outlook on Dogecoin’s future price action. Javon Marks is an analyst at X. He said.
. ”$DOGE and its next uptrend towards the current breakout target at $0.6533 could be a matter of time. Prices could be preparing for a breakout to the upside!”.
Marks also stated that a price drop could lead to a 400% increase to reach this target.
Likewise, pseudonymous cryptocurrency expert Ali has noted that the TD (Tom Demark Sequential) indicator is a critical buy signal on Dogecoin’s three-day chart.
In addition, Big Mike (@Michael_EWpro), a crypto analyst, has conducted a technical study.
Mike says that the Binance Dogecoin chart shows a complex structure consistent with the Elliott Wave Theory. This analysis shows the end of the corrective phase and the beginning of a strong uptrend.
Big Mike over X.
At the time of writing, the Relative Strength Index (RSI) was at 56.70. It is approaching the overbought zone but is still in the neutral zone.
It suggests that the price still has room to rise further but warns of possible resistance soon. The MACD line has crossed above the signal line, suggesting an uptrend.
TradingView
If the price breaks above the $0.12718 resistance, it could push the price to the next target at $0.14500. If this level fails to hold, the price could drop to a support area around $0.12054.
Volume Analysis.
According to IntoTheBlock’s volume analysis, the bullish outlook for Dogecoin is further supported.
A chart showing Dogecoin transaction volumes in USD by size category shows that the number of large transactions (>$10 million) increased during the price increase in 2021.
The highest transaction volumes were recorded during this period, indicating increased market activity and speculative activity.
Source: IntoTheBlock
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Since then, transaction volumes have declined and stabilized at lower levels, indicating a decline in large-scale transactions as the price now sits at around $0.10 or $0.20.
The recent increase in trading volumes suggests renewed interest in Dogecoin.
