Dogecoin Siap Melejit, Harga Diprediksi Naik ke US$0,22
Release: 2024/07/24 13:29 Reading: 477
Popular crypto analyst World of Charts has highlighted a bullish pattern that could take Dogecoin (DOGE) to new heights. According to the analyst, the popular memecoin could see its price surge to $0.22.
Dogecoin Could Hit $0.22
As reported by NewsBTC, World of Charts has shown that DOGE is approaching a key resistance level in a falling wedge pattern.
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If this resistance is broken successfully, the memecoin could experience a 66% price increase, potentially reaching $0.22 based on the shared chart analysis.
Going further, the analyst suggests that DOGE could even rally as high as $0.30.
Currently trading around $0.13, Dogecoin is at a crucial juncture, coinciding with the resistance in the falling wedge pattern highlighted by World of Charts.
The meme crypto appears to be in a good position to break through this resistance level, backed by prevailing bullish sentiment in the market.
On-Chain Data Supports Bullish Outlook
On-chain data further supports the potential for a significant spike in Dogecoin's price. Notably, there has been a significant uptick in large transactions.
Data from market intelligence platform IntoTheBlock reveals that nearly 10 billion DOGE coins have been transacted in the last 24 hours by whale investors.
Additionally, data from IntoTheBlock shows an over 800% increase in large holder inflows, indicating major accumulation by these whales.
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This strong accumulation wave could propel Dogecoin's price higher, potentially reaching World of Charts' optimistic target of $0.30.
Reinforcing Dogecoin's bullish case, 78% of DOGE addresses are currently in profit. This high level of profitability reduces the likelihood of significant selling pressure, as most holders are enjoying gains.
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Even if some of the 22% of addresses currently at a loss decide to sell once they reach breakeven, the overall market sentiment remains positive.
Crypto analyst Rekt Capital also contributes to this optimistic outlook. He points out that Dogecoin is currently retesting its macro downtrend as new support.
According to Rekt Capital, a successful retest of this level will fully confirm the end of the macro downtrend and the beginning of a new macro uptrend. Based on his chart analysis, DOGE could rally as high as $0.40 once this new trend initiates. Let's watch this space.
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