The OG meme coin rode the green wave that swept through the cryptocurrency sector, with its price climbing to a nearly three-month high.
Some analysts believe the token is likely to see a relatively slight rise in the future, while others predict an explosion to a new all-time high.
What’s next?
DOGE is currently trading just south of $0.09, which is up about 30% from a week ago. It remains the largest coin and even widened the gap between it and Shiba Inu after its market capitalization approached $14 billion.
Not long ago, Ali Martinez identified $0.0813 as key resistance, where over 30 million DOGE had previously been traded. He believes a sustained close above this level (as happened) could lead to further upside, setting the next target at around $0.177.
In addition, the analyst highlighted many factors that point to a bullish development. Among these are the Whale Accumulation and the Tom DeMark Sequential Indicator, which issued a buy signal.
Martinez’s forecast is modest compared to those of many other analysts. User X MikybullCrypto considered an “explosive move on the horizon” that could lead to a rise to $3. Vuori Trading was even more optimistic, agree that DOGE is “most likely going to $10.”
It should be noted that such a rise would require the market capitalization of the same coin to exceed $1.5 trillion. Even with the recent crypto boom, this type of increase seems pretty unrealistic (to put it mildly).
The key training
About a week ago, user X The Great Mattsby paid attention to Dogecoin’s Bollinger Bands. They note that the channels have tightened and wonders if this is not the biggest squeeze in the history of the asset.
Such a pattern typically occurs during periods of low volatility and could be the precursor to a major move (although the direction is unclear, as it can also lead to a violent pullback). At the moment it looks like the squeeze has been followed by a major pump, but who knows what the future holds.
In the meantime, there is some evidence to suggest that a correction may be underway. DOGE inflows into exchanges have outpaced outflows over the past few days, suggesting that some investors have abandoned self-custody and flocked to centralized platforms. This increases immediate selling pressure and could negatively impact the price in the short term.
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