Markets
An Expert Sets Dogecoin Price for This Market Cycle and Expects a ‘Massive Breakout’
Memes cryptocurrency Dogecoin (DOGE) has resisted recently bearish feeling as he strives to crack the key resistence levels.
In fact, Dogecoin aims to reclaim the $0.20 threshold, and cryptocurrency trading expert Michaël van de Poppe is convinced of this investors they should prepare for significant upside potential in the current cycle.
In a X send on May 31, Poppe predicted that the token is poised for a massive breakout in the future, potentially resulting in a price increase of around 525% to reach the coveted $1 threshold. Notably, the $1 threshold is has long been a target price for the meme cryptocurrency.
“This is such an easy play. I think we will see a massive breakout of this level, and it may even be possible to reach $1 again this cycle,” she said.
Dogecoin Price Analysis Chart. Source: TradingView/Michael Poppe
Dogecoin’s growing whale activity
Poppe’s analysis comes amid a flurry of activity in the Dogecoin market, with notable developments fueling growing investor interest.
In this regard, the crypto analyst Ali Martinez highlighted in an send on May 31 that DOGE Whales acquired over 700 million DOGE in the last 72 hours, amounting to approximately $112 million.
This increase in investment from large holders indicates strong confidence in Dogecoin’s potential for future growth.
Initially Martinez observed that DOGE had turned bearish while indicating key levels to monitor. According to the analyst, Dogecoin faces significant resistance between $0.166 and $0.171. Breaking this barrier could push the price towards the resistance level of around $0.322.
#Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion $DOGE. However, once this barrier has been overcome, #DOGE it has the potential to double, with the next key resistance around $0.322 pic.twitter.com/p02Cks63EI
— Ali (@ali_charts) May 28, 2024
While attention is focused on recent whale transactions involving Dogecoin, scrutiny is also aimed at supporters of the coin, particularly Tesla (NASDAQ: TSLA) CEO Elon Musk.
Notably, the spike in dogecoin transactions coincided with reports suggesting Musk was advising presidential candidate Donald Trump cryptocurrencies.
However, contrary to reports, Musk said he and the former president never discussed cryptocurrency policy.
“I’m pretty sure I’ve never discussed cryptocurrencies with Trump, even though I’m generally in favor of things that shift power from the government to the people, which cryptocurrencies can do,” Musk noted.
Dogecoin price analysis
At the time of writing, Dogecoin was trading at $0.16, reflecting a correction of more than 1% over the past 24 hours. On the weekly chart, the meme coin is down 4%.
Despite this short-term price correction, Dogecoin technical indicators are predominantly bullish. TradingView’s daily indicators summarize a “buy” sentiment at 11, consistent with the sentiment reflected in moving averageswhich measures 9. On the other hand, oscillators for money they are “neutral” at 8.
As it stands, DOGE has a considerable journey ahead of it to reach the $1 mark. Given that the two assets have historically traded in tandem, reaching this milestone will likely require substantial support from Bitcoin.
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