Will Dogecoin Price Surge 165% As Community Awaits CZ’s Official Dog Reveal?
Highlights
- DOGE whales accumulate 750M tokens, signaling strong bullish confidence.
- Dogecoin’s 2017 price pattern suggests potential breakout to new highs.
- Critical resistance at $0.3 must break for sustained upward momentum.
Dogecoin (DOGE), a major meme-based coin, remains under pressure, struggling to reclaim lost ground after weeks of consolidation. The broader crypto market has shown signs of recovery, with Bitcoin surging past $97k and Dogecoin price rallying over 5% on Thursday. Optimism is growing among traders as the DOGE community eagerly awaits CZ’s long-anticipated official dog reveal, which could impact sentiment.
Is Dogecoin Price Set to Surge As Community Awaits CZ’s Official Dog Reveal?
Dogecoin price is gaining attention as the crypto community speculates on a potential memecoin linked to Changpeng Zhao’s (CZ) pet dog. The former Binance CEO recently hinted at revealing his dog, sparking discussions about a new wave of dog-themed cryptocurrencies.
CZ’s market impact has received extensive industry documentation. His previous reference to standard tokens caused a tremendous market response which resulted in the token value skyrocketing hundreds of times during a short time span. This has led many to believe that a similar effect could happen if CZ backs a dog-based memecoin.
The BNB Chain has already seen multiple unofficial dog-themed tokens emerge in response to CZ’s recent comments. If he formally endorses one, it could drive a new meme coin surge, benefiting Floki, Dogecoin, Shiba Inu, and similar coins.
With memecoins historically following hype cycles, CZ’s involvement could reignite a fresh bull run for dog meme coins.
Can DOGE Price Rally 165% to $1.30?
The latest DOGE value is hovering above $0.25, showing signs of a potential bullish reversal. Dogecoin is forming a Power of 3 setup, a technical pattern that combines accumulation, manipulation, and distribution phases. This setup suggests the asset establishes a strong base before an upward expansion.
The accumulation phase typically sees price consolidation near a key support, in this case, the 200-day SMA, where DOGE recently bounced. The manipulation phase often involves a liquidity sweep, shaking out weak hands before a rally.
If this setup holds, the final distribution phase will begin once a critical resistance flips into support, triggering a strong uptrend.
For DOGE to confirm this breakout, it must flip the $0.35680 resistance level into support, marking the beginning of a bullish distribution phase. Key resistance levels to watch on the way up include $0.48434 and $0.70664, which align with Fibonacci extensions.
If the bullish momentum continues, the Dogecoin price prediction could see an upsurge of approximately 165% from the current price, targeting $1.30212 as its next major milestone. However, failure to reclaim these resistances could result in price rejection and consolidation around support zones like $0.2.
As the Dogecoin community anticipates CZ’s dog reveal, the DOGE price outlook remains bullish. If key resistances flip into support, a breakout could trigger a 165% rally. If the crypto market recovers, BTC rallies above $100k could ignite the rally. However, failure to sustain momentum may lead to extended consolidation near crucial support levels.
Frequently Asked Questions (FAQs)
1. Why is Dogecoin’s price movement compared to 2017?
2. What is the key resistance level for DOGE?
3. How much DOGE have whales accumulated recently?
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