As a seasoned crypto analyst with over a decade of experience in the market, I have seen my fair share of bull and bear markets. Based on the latest analysis from reputable crypto analysts like World of Charts, Rekt Capital, and Capt Toblerone, I believe Dogecoin (DOGE) is poised for significant gains in the near term.
An expert analysis by Crypto Analyst World of Charts reveals a potential bullish trend for Dogecoin (DOGE), which may push its price up towards unprecedented heights. The anticipated price peak is estimated to reach $0.22 according to the analyst’s prediction.
How Dogecoin Will Rise To $0.22
An X (previously Twitter) post from World of Charts indicated that Dogecoin is nearing a resistance level in its falling wedge pattern as depicted in the chart they provided. A potential breakout of this pattern could lead to a significant price increase for Dogecoin, potentially reaching $0.22, which represents a 66% surge from its current value. Remarkably, the analyst also suggested that the meme coin might experience an even more pronounced rise, possibly reaching $0.30.
As a crypto investor, I’m excited about Dogecoin’s current position as it hovers around the $0.13 mark, according to World of Charts. Notably, the falling wedge resistance is also at this level. With the overall bullish sentiment in the market, I believe Dogecoin has a strong chance of breaking through this resistance and continuing its upward trend.
Dogecoin’s on-chain data corroborates its dramatic price surge. For example, Bitcoinist disclosed a substantial upswing in large transactions, indicating that major Dogecoin investors bought around millions of DOGE during the past week. Additionally, IntoTheBlock’s market intelligence indicates that these prominent traders were active, transacting nearly 10 billion DOGE within the last day.
According to IntoTheBlock’s latest findings, there has been a significant surge of more than 800% in the inflow of large holders, implying that these whales have been actively amassing large quantities of Dogecoin. This accumulation trend could potentially propel Dogecoin’s price upward and even surpass World of Charts’ projected price goal of $0.30.
Approximately 78% of Dogecoin wallet addresses are currently making a profit. As a result, it is unlikely that the meme coin will encounter substantial selling pressure as it advances upward. Furthermore, these profitable wallets may help cushion any downward impact from the approximately 22% of wallet addresses that could choose to sell once their investment becomes profitable.
What Next For DOGE?
Crypto analyst Rekt Capital indicated in a recent post on the X forum that Dogecoin is currently testing the macro downtrend as potential new support. If Dogecoin manages to successfully rebound within this range, it would strongly signal the end of the prolonged bearish trend and the emergence of a new bullish trend for DOGE. According to Rekt Capital’s chart analysis, the price of Dogecoin could potentially reach $0.4 or even higher during the upcoming macro uptrend.
Crypto expert Capt Toblerone has shared his latest analysis on the Dogecoin trend. According to him, the meme coin may reach nearly $0.3 during its upcoming price surge. Known for his optimistic outlook on Dogecoin, Capt Toblerone anticipates that the digital currency could potentially peak at around $2 in the current bull market.
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2024-07-23 21:04