Dogecoin Price Braces For Rally To $0.32 As Whales Scoop 10B DOGE
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
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
