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Highlights
- The Dogecoin price has been hit with a bearish trend, facing a key resistance.
- Ali Martinez, a crypto analyst on X, suggested that Dogecoin has the potential to surge to $0.32 in the current cycle.
- He spotlighted the critical resistance range that accounts for over accumulation of 10 billion DOGE tokens.
Dogecoin (DOGE), the popular meme-inspired cryptocurrency, is currently struggling with significant losses despite recent price surge above $0.16. However, crypto analysts are optimistic regarding DOGE’s future trajectory. Ali Martinez, a popular crypto analyst, expects the Dogecoin price to double in the current cycle.
Dogecoin Price Prediction By Ali Martinez
Currently, DOGE is facing key resistance between $0.166 and $0.171, according to the crypto analyst. Moreover, the resistance is attributed to approximately 75,500 addresses having acquired close to 10 billion DOGE within this price range. This creates a substantial barrier for upward movement, according to Martinez.
In addition, his analysis suggests that if Dogecoin can successfully break through this resistance zone, it has the potential to experience a massive rally. Martinez expects a 100% rally for the Dogecoin price. Furthermore, he noted that the next significant resistance level is identified around $0.322.
This implies that once DOGE surpasses the $0.171 mark, it could potentially double in value. Whilst, the accumulation of such a large quantity of DOGE at the $0.166 to $0.171 range indicates a strong interest and investment from a substantial number of holders, making this a crucial level to watch.
Dogecoin, which started as a joke, has grown into one of the most talked-about digital assets in the crypto space. Moreover, prominent figures, such as Elon Musk have repeatedly endorsed DOGE, also known as the King of Meme Coins.
Also Read: Dogecoin and Other Dog Based Meme Coins Bullish Outlook For June
DOGE Price Dips
Despite the growing optimism around the meme coin, the Dogecoin price is in the red. At the time of writing, the DOGE crypto traded at $0.1646, down by 3% on Tuesday, May 28. Meanwhile, the largest meme coin boasted a market valuation of $23.77 billion. However, the DOGE trading volume surged 36.02% to $1.55 billion in the last 24 hours.
On the other hand, significant Dogecoin long positions were liquidated, totalling $2.15 million, according to Coinglass. Thus, an extended bearish trend can be expected due to the sell-offs before the resistance barrier is finally broken. Moreover, the DOGE futures open interest slumped 4.17% to $1.01 billion.
Currently, the Relative Strength Index (RSI) value for Dogecoin stands at 53.79. This implies that the digital asset isn’t overbought or oversold at the time. Whilst, the Dogecoin price is substantially higher than the 100-day and 10-dag EMAs of 0.14791 and 0.16402, respectively, according to Trading View data. This suggests a bullish trend in both short and long term.
Also Read: Algotech Becomes Fastest-Selling Presale With Bonus Round Nearly Soldout, Attracting DOGE and SHIB Whales
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