Analysts Are Bullish On DOGE: Can It Show 30% Gains This Week?

1. Approximately 81% of DOGE holders are in profit, while large holders own 63% of the total circulating DOGE supply.
2. Analysts predict a possible surge in DOGE's price, with long-term projections targeting $0.40, and MVRV ratios suggesting a potential upward trend.

DOGE has witnessed a competitive dynamic between buyers and sellers. As the month of June approaches, investors are observing whether the cryptocurrency can reclaim its previous supply level of $0.228.
Moreover, DOGE exhibits bullish potential, as it trades above its 50-day and 200-day exponential moving averages (EMAs) and follows an ascending trendline after breaking out of a bullish pattern.
Data from IntoTheBlock indicates that 81% of DOGE holders are currently in profit. The analysis of holdings by time held reveals that 66% of its holders have possessed the asset for over a year.
Regarding the concentration by large holders, 63% of the total circulating supply of DOGE is held by these entities.

Token Summary | By IntoTheBlock
CoinMarketCap reports that the DOGE asset has recently experienced a gain of nearly 17.09% within the past 30 days. Consequently, its current value stands at $0.1589, with a market capitalization of $22.977 billion.
Decoding the Chart: Can Dogecoin Achieve $0.40?
DOGE has demonstrated a breakout from a wedge formation, creating a bullish pullback scenario. This appears promising for the cryptocurrency.
After surpassing the upper boundary of the wedge, the price has found support at $0.15275, a crucial level for DOGE to execute a parabolic move. It is poised for a significant surge to overcome the resistance level and potentially reach $0.228, which could represent an approximate 30% gain in the approaching weeks or the short term.
An analyst's post on Twitter by Altcoin Sherpa conveyed an optimistic outlook for the long-term price of DOGE. They suggested that this cycle could potentially reach the target price of $0.40, a historical level that has acted as a magnet.

$DOGE to $0.40 is 1 of the safest trades you can make this cycle IMO.-Retail eventually going to buy it up -All it takes is 1 retarded Elon tweet to blow it up-Has great liquidity/low downside relative to other memes-Prob outperforms a lot of other shitcoins *I don't have… pic.twitter.com/OHFe6ExNMY— Altcoin Sherpa (@AltcoinSherpa) May 29, 2024

Sherpa also indicated that DOGE has promising potential and may likely outperform numerous other meme coins. It possesses significant liquidity compared to other meme coins, and a single unconventional tweet from ELON could potentially trigger a surge in its value.
Doge Price Forecast and Oscillator Overview
DOGE has exhibited bullish momentum as it remains above its critical 50-day and 200-day EMAs. Its bullishness is further evidenced by the MACD line being above the zero line at 0.00329, while the RSI is at 50.98.
According to these technical indicators, DOGE has displayed bullish signals and has the potential for additional growth. It has performed well over the last month and quarter, with gains of 11.31% and 35.93% respectively, indicating a robust uptrend.
Therefore, if the demand for the cryptocurrency remains strong, the DOGE asset price could rebound from its current level. Its next potential targets are $0.228 and $0.400.
However, if the DOGE price fails to surpass the previous high of $0.17500 and remains below $0.15275, it could experience a decline.
30-Day Market Value to Realized Value Suggests DOGE Price Likely to Rise
Furthermore, the MVRV ratio for DOGE based on a 30-day MA was 0.529% (at the time of writing), which has rebounded from -20.43% at the beginning of May.
This rise in the MVRV ratio indicates that short-term holders of DOGE have sold their holdings, with these likely being purchased by long-term holders.
Summary
DOGE has exhibited bullish potential, trading above its 50-day and 200-day EMAs. Approximately 81% of DOGE holders are currently in profit, with large holders possessing 66% for over a year and 63% of the total circulating supply.
Furthermore, the DOGE price has increased by nearly 17.09% over the past 30 days, currently at $0.1589 with a market capitalization of $22.977 billion. Analysts predict a potential surge in DOGE's price, with a long-term target of $0.40, and MVRV ratios suggest a possible upward trend for DOGE's price. Similarly, DOGE's technical indicators indicate bullish signals, with the potential for further growth.