A great opportunity is emerging for investors of the popular meme coin. The leading meme coin has experienced incredible rises in past bull markets. Now analysts say the same pattern is repeating. So, can the price of meme coin really rise to $8? Here are the details.
Is History Repeating itself for the Popular Meme Coin?
When Dogecoin’s past movements are examined, it is seen that it has made big jumps every bull season. After breaking a resistance level in 2017, the price increased by 3.284% from $0.00001838 to $0.01838. In 2021, DOGE rose 8.025% to $0.72995 with the support of major investors and celebrities.
Today, a similar formation attracts attention. Analysts predict that if Dogecoin closes above the $0.41 level, it could first reach $8.32 and then $20.68. However, for this to happen, DOGE must first clearly break the $1 level.
Critical Levels: Which Points Are Important for DOGE?
The most important level that will determine the future of Dogecoin is $0.41. If DOGE breaks this resistance, a major bullish move could be triggered. Famous analyst Ali Martinez states that Dogecoin has the potential to first reach $0.39 and then $15. However, in order to fully enter the bull market, DOGE must remain persistently above the $1 level.
According to technical analysis, breaking the $0.40 resistance could enable it to reach the 2.618 level according to Fibonacci analysis. This shows that DOGE price may rise up to $0.43250. However, for this rally to occur, investor interest must increase.
What’s Next for Dogecoin?
Dogecoin’s rise is not just limited to technical analysis. Big changes are taking place in the cryptocurrency market. In particular, the increase in applications for the Dogecoin ETF may attract the interest of institutional investors in DOGE. Crypto investment company Bitwise has applied for a Dogecoin ETF. Additionally, Rex Shares and Osprey Funds also made moves for DOGE, Bonk and Trump Coin ETFs.
Additionally, the elections in the US and the appointment of a crypto-friendly name as SEC chairman could be a positive development for the market. If institutional investors turn to Dogecoin, it may be inevitable that the price will rise exponentially.
Latest Situation and Expectations in Lider Meme Coin DOGE Price
Currently, Dogecoin is trading at $0.35 and is down 1% in the last 24 hours. There is an 11% loss on a weekly basis. Although it is trading below the 50-day average in the short term, the fact that it remains above the 200-day average shows that it still has upward potential in the long term.
The market’s sentiment index is currently at 75, approaching “over-optimism” territory. This situation requires investors to be careful. A big rally may be on the way for Dogecoin, but this process needs to be followed closely.
