Price: $0.38280 -2.7781%
Market Cap: 56.19B 1.8962%
Volume (24h): 24.69B 0.4%
Dominance: 1.8962%
Price: $0.38280 -2.7781%
Market Cap: 56.19B 1.8962%
Volume (24h): 24.69B 0.4%
Dominance: 1.8962% 1.8962%
  • Price: $0.38280 -2.7781%
  • Market Cap: 56.19B 1.8962%
  • Volume (24h): 24.69B 0.4%
  • Dominance: 1.8962% 1.8962%
  • Price: $0.38280 -2.7781%
Home > Information news > Dogecoin (DOGE) to 13x? To the Moon Prediction From Glassnode Analyst

Dogecoin (DOGE) to 13x? To the Moon Prediction From Glassnode Analyst

Release: 2024/05/23 22:37 Reading: 203

Original author:U_Today

Original source:https://coinmarketcap.com/community/articles/664f4f5b4d6dca2f5ecde8b4

Cover image via U.Today

A Glassnode analyst has recently shared an ultra-bullish Dogecoin prediction: a 13x surge is possible during the potential altseason. The chart highlights $2.9 as the potential price target for the meme asset. Let's break it down.

DOGE is tracking a large cup and handle pattern, a bullish formation. Historically, this pattern precedes consolidation before an ensuing breakout. The target to move to, as shown in the chart, is the $2.93 level.

At the moment, DOGE is trading around the $0.167 level, taking support from the 50-day exponential moving average in blue and the 200-day exponential moving average in orange, hence indicating a medium- to long-term uptrend. Some slight expansion in the Bollinger Bands signals increased volatility that could drive the price in larger moves. DOGEUSDTDogecoin/USDT Chart by TradingView

Over the last 24 hours, 1.77K large transactions were registered, carrying approximately $11.4 billion worth of DOGE. This increased activity among whales might indicate potential big investors positioning themselves strategically in view of a market change that could precede a significant price swing.

While the analysis is bullish, a couple of factors could potentially undermine this prediction:

Market sentiment: General market sentiment across major cryptocurrencies is likely to play a significant role. General bearish sentiment on the market could hinder DOGE's ability to reach such high targets.
Resistance levels: Breaking through $1 represents a psychological barrier for DOGE. To rise above this resistance level, substantial purchasing power and market momentum will be required to break above the levels listed.
Fundamental factors: Dogecoin is not the most commonly used digital asset among institutions or various entities due to the lack of an ecosystem behind it. DOGE primarily acts as a meme and community coin and does not offer significant utility.

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