Dogecoin (DOGE) Price Predicted to Surge 50%, Here's the Target

The crypto market rose again on Friday 4 October. Bitcoin (BTC) recorded an increase of 2.3% in the last 24 hours

Cryptocurrency prices rose again on Friday, October 4. Based on CoinGecko data, Bitcoin (BTC) rose 2.3% in the last 24 hours. BTC crossed the $61,000 mark, while the first meme coin, Dogecoin (DOGE), also saw a significant price increase.

In the last 24 hours, DOGE has risen more than 6 percent and is trading in the range of 0.108 US dollars (equivalent to Rp1,620). The increase occurred after Dogecoin recovered from its crucial support level in recent days.

Well-known crypto trader and analyst Ali Martinez observed the price movements of DOGE technically. On the daily chart, Dogecoin is once again bouncing off the Moving Average (MA) 50 line, which has been an important level in determining price movements. In addition, Dogecoin also managed to penetrate the logarithmic trend line which for the past seven months acted as resistance.

In the long term, DOGE is predicted to record a 'golden cross' between MA 50 and MA 200, a technical signal that indicates bullish potential. If the price of Dogecoin continues to move above the 50-week MA, there is a high chance that DOGE prices could return to an all-time high.

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According to crypto analyst Ali Martinez, the price of Dogecoin has the potential to increase by 50 percent, reaching 0.16 US dollars (Rp2,400), as long as prices remain at the current support level. On-chain data also shows that more than 60 thousand addresses bought DOGE at the level of 0.11 US dollars (Rp1,650), which makes the level a strong support area.

Meanwhile, the Dogecoin network continues to show increasing activity. Data from Santiment noted that the network now has more than 84,000 active addresses, indicating growing interest from large investors, or whales, who are preparing for the upcoming altseason.

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