Dogecoin (DOGE) Soared 11% After the General Market Rally, Analysts Share Bullish Predictions

During the past week, market watchers have revealed their bullish predictions for the largest memecoin by market cap.

Dogecoin (DOGE) soared 11% over the weekend as the general market performance pushed the dog-themed token to retest key resistance levels, sparking bullish predictions from crypto analysts and investors alike.

Boosted by Elon Musk’s recent comments on cryptocurrencies and the largest memecoin by market capitalization, investors expressed positive sentiment toward DOGE.

Rising from the ashes of last week’s market downturn, Dogecoin’s price action teased a breakout from a downtrend line. The memecoin attempted to break out of the trendline again after trading above the $0.134 resistance level on Monday.

If DOGE manages to hold on to the $0.13 area, we could see higher over the next couple of weeks.

Daan Trades, Analyst

In a similar analysis, Crypto Poseidon observed a compression in DOGE’s daily ema50-200, which they predicted would lead to an expansion above the previous yearly high of $0.22.

Dogecoin’s daily ema50-200 started to squeeze into each other again, which will lead to an expansion above the previous yearly high of 0.22.

$0.3 on the horizon, dog lovers.

Crypto Poseidon, Analyst

Meanwhile, crypto analyst Ali Martinez noted that Dogecoin was playing out the same pattern it has displayed before.

According to Martinez, DOGE consolidates in a descending triangle, which has historically led to a 140%-230% rally before retracing around 60%.

As per this pattern, investors should just wait for the memecoin to enter the bull run after the retrace.

Dogecoin is consolidating in a descending triangle on the daily.

This pattern usually breaks out with 140%-230% moves up.

After the bull run, it retraces around 60%.

Investors should just wait for the bull run after the retrace.

Ali Martinez, Analyst

At the time of writing, Dogecoin was hovering between the $0.129 and $0.130 price range, marking a 0.5% drop in the last 24 hours.

However, this performance represented a 7.6% and 5.3% price surge in the biweekly and monthly timeframes, respectively.

On Sunday, Tesla CEO Elon Musk joined The X Takeover event hosted by the Tesla Owners Silicon Valley club and made a special virtual guest appearance to discuss his insights on technology, space exploration, sustainability, and cryptocurrencies.

During his appearance, Musk clarified that he would not be promoting crypto, but might address them jokingly in the future.

I’m not going to be promoting crypto—at most, in a joking way. If you see me pumping crypto, it’s not me.

I do think there’s merit in Bitcoin and maybe some other cryptos, and I’ve sort of got a soft spot for Dogecoin because I like dogs and memes.

Elon Musk, Tesla CEO

Some investors considered the comments bad news for Dogecoin and its holders as it meant he no longer supported the memecoin’s adoption.

Others believed his crypto stance clarification was necessary as some would “think he said he’s against crypto which is not true.”

Additionally, many investors considered that his liking for DOGE was bullish for the memecoin.

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