Analysts Are Bullish On DOGE: Can It Show 30% Gains This Week?
Release: 2024/05/31 04:34 Reading: 296
DOGE Price Analysis and Forecast
Around 81% of DOGE holders are in profit, while large holders possess 63% of the total circulating supply. Analysts predict a potential surge in DOGE's price, with a long-term target of $0.40. MVRV ratios further indicate a probable increase in DOGE's value.
Bullish Momentum and Price Targets
DOGE has demonstrated strong bullish momentum, surpassing both its 50-day and 200-day Exponential Moving Averages (EMAs). It is also supported by an upward trendline after breaking out of a bullish pattern.
81% of DOGE holders are currently in profit, as per IntoTheBlock data. Notably, 66% of holders have held the asset for over a year, suggesting long-term conviction.
Supply Distribution and Concentration
Large holders control a significant portion of the DOGE supply, with 63% of the total circulating coins in their possession.
Price Forecast and Technical Analysis
In the past 30 days, DOGE has gained approximately 17.09%, currently trading at $0.1589 with a market capitalization of $22.977 billion. After breaking out from a wedge pattern, DOGE has found support at $0.15275. Analysts believe a parabolic move could lead to the asset reaching $0.228 in the short term, representing a potential 30% gain.
Long-term price projections suggest a target of $0.40, a historical resistance level. Altcoin Sherpa, an analyst, expressed optimism about DOGE's potential, highlighting its strong liquidity and low downside risk relative to other meme coins.
Technical Indicators
DOGE's technical indicators, such as the MACD line and RSI, reflect bullishness. The MACD line is above zero, while the RSI is at 50.98.
MVRV Analysis
The 30-day MVRV ratio for DOGE has recovered from negative territory, indicating a shift from short-term holders selling to long-term holders accumulating.
Conclusion
DOGE's bullish potential is supported by its technical indicators, strong fundamentals, and positive analyst sentiment. With 81% of holders in profit and a significant supply held by large holders, DOGE is poised for further upward momentum.
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