A Bullish Prediction for Dogecoin (DOGE)
Get ready for a possible massive surge in Dogecoin, the leading meme coin, according to crypto analyst Kriss Pax. Recent on-chain metrics have turned bullish for Dogecoin, setting the stage for potential price growth in the near future.
Dogecoin’s Potential Price Surge
According to Pax’s analysis on his YouTube channel, Dogecoin is poised for a substantial bounce from its current price level. This could be an opportune moment to consider investing in the meme coin, as Pax predicts an impending price recovery for Dogecoin.
- Pax mentioned the upcoming trading of Spot Ethereum ETFs as a catalyst for DOGE’s bounce and the broader crypto market recovery.
- He also pointed out the relative strength index (RSI) signaling a bullish trend for Dogecoin.
Furthermore, with altcoin dominance on the rise due to a decrease in Bitcoin’s dominance, Pax sees a favorable outlook for Dogecoin. The shift in dominance could herald the beginning of an altcoin season, benefiting Dogecoin and other alternative cryptocurrencies.
Timing the Altcoin Bull Run
Pax speculates that the altcoin bull run might arrive sooner than anticipated, citing a bullish cross on the Moving Average Convergence/Divergence (MACD) reminiscent of the 2020 altcoin season. He emphasizes the current undervaluation of DOGE based on its market value to realized value (MVRV) ratio.
- Recent data from Coinglass indicates a significant surge in Dogecoin’s trading volume, suggesting growing interest and activity around this meme coin.
DOGE’s Macro Trend Continues
Despite a dip to $0.11 in the recent market downturn, Dogecoin remains within a macro bullish trajectory, as highlighted by crypto analyst Kevin. The weekly close above $0.10291 is a crucial level for maintaining this bullish structure.
- Kevi sees Dogecoin and other altcoins undergoing a retest of their initial breakout levels in what he terms an SOS phase of Wyckoff.
- He believes that Dogecoin’s potential targets could reach as high as $3 in the current market cycle.
Currently, Dogecoin is trading around $0.12, showing a 4% increase in the last 24 hours based on data from CoinMarketCap.
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