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Crypto Analyst Claims Dogecoin Price Could Rise 100% to $0.322 if That Happens
Crypto Analyst Ali Martinez predicted that Dogecoin (DOGE) could soon enjoy a 100% price gain. He also elaborated on what needs to happen for the main meme currency to enjoy such a parabolic movement.
How Dogecoin will rise to $0.322
Martinez explained in an X (formerly Twitter) publish that Dogecoin is currently encountering significant resistance between $0.166 and $0.171, a range where 75,500 addresses have acquired nearly 10 billion DOGE tokens. The analyst stated that Dogecoin price It could double if it breaks above this range, with $0.322 being the next “key resistance” for DOGE.
Martinez’s analysis suggests that DOGE’s price has not seen a bullish reversal for some time because the meme coin continues to face significant selling pressure from those holders who purchased the meme coin between US$0.166 and US$0.171. These 10 billion tokens acquired by these holders represent a considerable amount of Dogecoin’s circulating supply, which is why their sell orders have a huge impact Dogecoin price.
However, as Ali predicted, Dogecoin could make a parabolic move upwards if it breaks this resistance level. This is especially true considering that the number of holders who purchased the meme coin above this range (up to $0.322) is not enough to send Dogecoin’s price spiraling downward even if another wave of selling occurs after Dogecoin surpasses $0.171.
Martinez’s prediction follows that of crypto analyst Mag recent forecast that DOGE is poised for a 700% price explosion, which could take it to $1.7. The analyst’s prediction further cemented the belief that the top meme coin would rise to $1 at some point this market cycle.
Interestingly, Martinez had foreseen In March, the story suggested that Dogecoin could reach $1 in mid-April, although this did not happen. However, it confirmed that this price level was predicted for DOGE and a maximum that could eventually be reached in this bull run.
Exciting days ahead for DOGE
Crypto analyst The Crypto Dog recently shared his bullish sentiment towards DOGE, claiming there are still exciting times ahead for the top meme coin. He recognized the fact that the meme coin market become saturated but added that there is still a “charm in its weight (Dogecoin)”.
He also shared his belief that DOGE still has a “place” in the grand scheme of things, suggesting that the top meme coin will still be a biggest earner in this bull market, although attention appears to have turned to newer meme coins such as Dog hat and Pepê. Crypto Dog has gone so far as to claim that Dogecoin will outperform Bitcoin in this market cycle.
At the time of writing, DOGE is trading at around $0.16, up nearly 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com