The OG meme coin followed the green wave sweeping through the cryptocurrency sector, with its price climbing to a nearly three-month high.
Some analysts think the token is set for a relatively mild increase ahead, while others foresee an explosion to a new all-time high.
What’s Next?
DOGE currently trades just south of $0.09, representing roughly a 30% pump from a week ago. It remains the biggest meme coin and even widened the gap between itself and Shiba Inu after its market capitalization neared $14 billion.
Not long ago, Ali Martinez identified $0.0813 as key resistance, where more than 30 million DOGE were previously traded. He believes a sustained close above this level (as it happened) could result in a further upside, setting the next target at around $0.177.
In addition, the analyst outlined numerous factors that point to a bullish move ahead. Among those are the whales’ accumulation and the Tom DeMark Sequential indicator, which flashed a buy signal.
Martinez’s prediction is modest compared to those of many other analysts. X user MikybullCrypto envisioned an “explosive move on the horizon” that could result in a pump to $3. Vuori Trading was even more bullish, opining that DOGE is “most likely going to $10.”
It is worth noting that such an ascent would require the meme coin’s market capitalization to surpass $1.5 trillion. Even with the recent crypto boom, that type of increase seems quite unrealistic (to put it mildly).
The Key Formation
Approximately a week ago, X user The Great Mattsby paid attention to Dogecoin’s Bollinger Bands. They noted that the channels have tightened and wondered whether this isn’t the biggest squeeze in the asset’s history.
Such a setup usually occurs during periods of low volatility and could be a precursor to a major move (though the direction is unclear, as it may also lead to a violent pullback). At the moment, it seems the squeeze was followed by a significant pump, but who knows what the future holds.
In the meantime, certain elements suggest a correction could be on the way. DOGE inflows into exchanges have surpassed outflows over the past several days, suggesting that some investors have abandoned self-custody and flocked to centralized platforms. This increases the immediate selling pressure and could negatively impact the price in the short term.
The post Dogecoin (DOGE) Rises 30% in a Week: What Are the Next Targets? appeared first on CryptoPotato.
