Dogecoin (DOGE) Price Prediction: Analysts See 404% Upside as Bullish Signals Emerge

Dogecoin [DOGE] has shown promising signs of a potential major price increase, with a significant upward trend and bullish technical indicators.

Dogecoin price has increased remarkably recently and the cryptocurrency is at 3.36 It traded at $0.1264 with a one-day gain. With a market value of $18.32 billion, DOGE has become the ninth largest crypto. 24-hour trading volume also increased by 34.81% to $407.29 million, which ranked it 15th among cryptos.

Crypto analysts made optimistic predictions about Dogecoin's future price movements. An analyst named Javon Marks commented:

"The next step for DOGE (Dogecoin) and its current breakout target at $0.6533 could be a matter of time and prices may be preparing above the breakout here!"

A price according to Marks A breakout could result in a 404% upside to reach this target.

A crypto analyst named Ali said that the Tom Demark (TD) Sequential indicator is pointing to a significant buy signal on Dogecoin's three-day chart.

Crypto analyst Big Mike (@Michael_EWpro) performed a technical analysis.

According to Mike, the three-day chart for Dogecoin on Binance shows a complex structure in line with the Elliott Wave theory. This analysis indicates the end of a corrective phase and the beginning of a potentially strong bull trend.

The Looking Closer Indicator shows a completed bullish impulse wave on the three-day chart followed by a developing corrective wave.

Meanwhile, Relative Strength at the time of writing The index (RSI) was at 56.70 and approaching overbought levels but was still in the neutral zone.

This suggests that there may be room for further upside but also potential resistance nearby. The Moving Average Convergence Divergence (MACD) line is above the signal line, indicating bullish momentum.

A break above the $0.12718 resistance could push the price to the next target at $0.14500. However, failure to stay above this level could result in a pullback to the support zone at around $0.12054.

Trading volume analysis by IntoTheBlock further supports the bullish outlook for Dogecoin.

Chart showing Dogecoin trading volume in USD by different size categories , reveals an increase in large transactions (more than 10 million) during the 2021 price wave.

This period saw the highest trading volumes across all categories and highlighted high market activity and speculation.

Trading volumes have since fallen and are at lower levels has stabilized, indicating a reduction in large-scale trading as the price stabilizes around $0.10 to $0.20. However, the recent increase in trading volume indicates renewed interest and activity in Dogecoin.

The above is the detailed content of Dogecoin (DOGE) Price Prediction: Analysts See 404% Upside as Bullish Signals Emerge. For more information, please follow other related articles on the PHP Chinese website!