- Dogecoin faces critical resistance at $0.166-$0.171, holding nearly 10 billion DOGE, pivotal for breakout.
- Analysts project DOGE targets of $0.322, $0.59, and $1, with whale accumulation exceeding 90M tokens.
- DOGE’s 0.97 Bitcoin correlation and Musk’s adoption potential support a bullish market trajectory.
Crypto analyst Ali Martinez forecasts a potential 100% price gain for Dogecoin (DOGE), contingent on overcoming critical resistance levels. Martinez emphasized that the meme coin faces significant resistance between $0.166 and $0.171, where 75,500 addresses hold nearly 10 billion DOGE tokens. Breaking out of this range could propel DOGE to its next major resistance at $0.322.
The analyst attributes DOGE’s stagnation to selling pressure from holders within this resistance range. These addresses hold a substantial portion of the token’s circulating supply, causing persistent price suppression. However, Martinez is optimistic that a breakout could lead to a parabolic price increase, as the number of sellers above $0.171 is insufficient to trigger a significant pullback.
DOGE Targets $1.7 Amidst Significant Price Fluctuations
Martinez’s prediction aligns with analyst Mag’s 700% DOGE price explosion forecast, targeting $1.7. In March, Martinez predicted that historical trends indicated Dogecoin could reach $1 by mid-April, though this did not materialize. Nevertheless, his forecast confirmed that this price level is still within reach for DOGE and could be achieved during the bull run.
DOGE has faced significant price volatility, with its value dropping from a March peak of $0.21. However, recent developments, including the SEC’s approval of spot Ethereum ETFs, have catalyzed a recovery. Over the past week, DOGE surged 4.75%, trading at $0.325 at the time of writing.
Forecasts for DOGE’s 2024 performance vary widely. Changelly data predicts a maximum price of $0.178 by October 2024, reflecting an 11.25% increase from current levels. Telegaon projects a more optimistic $0.59, indicating a 268.7% growth potential. Meanwhile, CoinCodex anticipates a correction, with DOGE possibly falling to $0.1445 by mid-2024, a modest 9.5% increase from current levels.
Dogecoin Whales Accumulate 90 Million Tokens
Popular crypto analyst Ali Martinez has shared with his followers on X that a technical signal suggests Dogecoin (DOGE) might be ready for a price bounce. Martinez points out that the Tom DeMark (TD) Sequential Indicator has presented a buy signal on DOGE’s four-hour chart, signaling a potential rebound.
Additionally, Dogecoin whales have accumulated over 90 million tokens in the past two days, reflecting growing investor confidence. Another renowned analyst, KALEO, asserts that DOGE reaching $1 this cycle is plausible, supported by data from IntoTheBlock, which reveals a 0.97 correlation between DOGE and Bitcoin. As Bitcoin trends toward new all-time highs, DOGE may follow suit.
Martinez also warns of potential risks for Bitcoin. He notes that a dip below $92,730 could lead to a significant correction, with the next support level around $69,000. Despite this, he views a 20-30% Bitcoin correction as a bullish development for the long term.
Read More: Dogecoin Slumps 27%, But Technical Indicators Point to a Potential $1.35 Target
