Expert sets Dogecoin price for this market cycle, expects ‘massive breakout’
Release: 2024/06/01 22:04 Reading: 488
Dogecoin's Bullish Prospects: Analyst Predicts Massive Breakout and Potential Surge to $1
Despite recent bearish sentiment, the meme cryptocurrency Dogecoin (DOGE) is showing signs of resilience as it aims to breach key resistance levels.
Crypto trading expert Michaël van de Poppe foresees significant upside potential for DOGE in the current market cycle. In a recent post, he projected a potential breakout, resulting in a price surge of approximately 525% that could reach the coveted $1 mark. This threshold has long been a target for the meme cryptocurrency.
"This is an easy play," said Poppe. "I believe we'll see a massive breakout of this one, and it might even be possible to reach $1 again this cycle."
Dogecoin's Rising Whale Activity
Poppe's analysis coincides with increased activity in the Dogecoin market, primarily driven by notable developments that are fueling investor interest.
Crypto analyst Ali Martinez highlighted that DOGE whales have acquired over 700 million DOGE in the past 72 hours, totaling approximately $112 million. This surge in investment from large holders indicates strong confidence in Dogecoin's long-term potential.
Initially, Martinez observed that DOGE had entered a bearish trend and identified key levels to monitor. He noted that the coin faces significant resistance between $0.166 and $0.171. Breaking through this barrier could propel the price towards the next resistance level of around $0.322.
Musk's Influence
While attention is focused on recent whale transactions involving Dogecoin, scrutiny also falls upon the coin's proponents, particularly Tesla CEO Elon Musk. Notably, the spike in Dogecoin whale transactions coincided with reports suggesting Musk was advising former President Donald Trump on cryptocurrencies.
However, Musk clarified that he and Trump have never discussed crypto policy.
"Pretty sure I've never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do," Musk stated.
Dogecoin Price Analysis
At the time of writing, Dogecoin is trading at $0.16, indicating a slight correction of over 1% in the last 24 hours. Despite this short-term price correction, Dogecoin's technical indicators remain predominantly bullish.
One-day gauges from TradingView indicate a 'buy' sentiment at 11, aligned with the sentiment reflected in moving averages, which gauge at 9. Oscillators for the coin remain 'neutral' at 8.
Dogecoin still has a significant journey ahead to reach the $1 mark. Given the historical correlation between Dogecoin and Bitcoin, achieving this milestone will likely require substantial support from Bitcoin.
Disclaimer: The information provided in this article should not be construed as investment advice. All investments involve risk of loss.
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