Expert Forecasts 700% Growth For Dogecoin (DOGE) As It Sets Sights On $1 Target
23 Aprile 2024 - 4:00AM
NEWSBTC
Dogecoin (DOGE), the popular meme-based cryptocurrency, has
demonstrated its resilience in the market with a 2.5% price
increase over the past 24 hours, reaching a trading price of
$0.1607. Analysts, including Altcoin Sherpa and Ali Martinez,
have recently shared optimistic predictions for DOGE’s future,
suggesting further gains and potential for outperformance compared
to other tokens. A Strong Future For Dogecoin In 2024? Over
the past months, DOGE has closely followed Bitcoin’s price action,
experiencing ups and downs in tandem with the market leader.
On March 28, DOGE reached its yearly high of $0.2292, solidifying
its position as the 9th largest cryptocurrency with nearly 100%
year-to-date growth. Despite the volatility, DOGE has demonstrated
its ability to rebound and attract investor attention. Related
Reading: Market Expert Predicts New Paradigm For Bitcoin: ‘Days
Under $100,000 Numbered’ Market expert Altcoin Sherpa recently
expressed optimism about DOGE’s future, stating that the coin is
poised for strength in 2024. Altcoin Sherpa recommended
averaging between $0.12 and $0.14, emphasizing DOGE’s potential to
outperform other tokens. The analyst highlighted DOGE’s previous
consolidation phase, lasting almost two years, and suggested that
it is primed for a significant price surge in the future. Sherpa
stated: DOGE is looking good. I strongly feel like this is going to
be a strong coin for 2024. I think averaging between $.12 and $.14
would be a solid play and this one should outperform many other
tokens for a lot of reasons. It chopped for almost 2 years, it’s
going to moon later. 700% Price Uptrend Toward $1 On the
other hand, crypto analyst Ali Martinez has also shared a bullish
prediction for DOGE, noting the coin’s recurring price
patterns. Martinez pointed out that DOGE consolidates after
breaking out of a descending triangle formation. Based on
historical trends, the analyst believes that DOGE has the potential
to rally towards $1 in the coming weeks, which would represent a
staggering 700% uptrend in price from current levels, surpassing
the cryptocurrency’s current all-time high of $0.7316, reached in
May 2021. Related Reading: 3 Major Metrics To Watch Out For
That Can Impact Ethereum Prices Despite Martinez’s optimistic
outlook, Dogecoin faces several resistance levels that have impeded
its recovery after a 21% price decline in the past two weeks. The
meme coin encounters a significant obstacle at the $0.1633 price
level, as depicted in the DOGE/USD daily chart above. This level
has acted as a barrier for the past 10 days, hindering further
upward movement. In its journey towards the $0.200 mark, DOGE may
encounter additional hurdles at $0.1739, $0.1938, and $0.1998.
These resistance levels must be overcome before the cryptocurrency
can potentially retest its all-time high. It is important to note
that Bitcoin’s performance will likely influence Dogecoin’s price
movement in the coming weeks. In addition, Dogecoin’s overall
trajectory through the end of 2024 remains uncertain as it depends
on the potential for a bullish breakout and various market factors.
Featured image from Shutterstock, chart from TradingView.com
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