Dogecoin (DOGE) Price Prediction: Analysts Suggest the Token May Be Poised for a Dramatic Rally

Despite trading mostly sideways on Tuesday, Dogecoin (DOGE) showed resilience for much of the day, benefitting from a broader lift-off in the crypto market

Dogecoin (DOGE) price showed relative strength on Tuesday, despite the broader crypto market trading mostly sideways. This resilience could be attributed to a broader lift-off in the crypto market, driven by Bitcoin since Monday.

As covered by Finbold earlier, DOGE price appeared to be preparing for a dramatic rally, with some analysts suggesting that the token may be set for a tenfold increase in value.

In a recent tweet, prominent crypto analyst Cryptophic highlighted the potential for DOGE’s price to rally significantly.

“DOGE 10x Potential or too good to be true?” the pundit stated, adding that he believes the token could rally by 1,000%. He further highlighted several key reasons for this prediction.

“Chart Analysis (DOGE)

(DOGE) has been trading within this channel since February 2021, over 1,127 days, until it broke out with a massive candle in February 2024. Since then, it has been retesting the breakout.

Multiple indicators (MACD, RSI, Stochastic) are suggesting a bullish move is on the horizon.”

Supporting this view, analyst Cryptonight890 noted that DOGE appears ready to rebound from a critical support level around $0.10, potentially rising to $1, a gain of approximately 662% from current levels.

Elsewhere, Trader Tandigrade also echoed this sentiment, citing historical trends. “Dogecoin has a Breakdown on monthly Trendline Support. In history, DOGE broke down the support in the same way, just before the Surge. DOGE is ready for the next BULL RALLY,” the pundit tweeted Tuesday.

On the fundamental side, recent on-chain data from crypto analytics firm IntoTheBlock shows that 73% of Dogecoin holders are making a profit, while 2% are breaking even and 26% bought at higher prices.

Moreover, 67% of DOGE holders have held their positions for over a year, indicating a strong investor commitment to the token despite recent market volatility.

Finally, recent whale activity suggests a growing interest in DOGE, with large transfers between wallets being observed. One significant transaction was reported by Whale Alert earlier on Tuesday, where 103,860,000 DOGE (worth approximately $11.2 million) was moved from Bittrex to an unknown wallet, likely for long-term holding.

At press time, the leading meme crypto-asset was trading at $0.10, reflecting a 1.69% increase over the past 24 hours and an impressive 7% rise over the past week.

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