The well-known meme coin Dogecoin has begun a bullish trend. This happened as BTC regained its $50,000 level, which has been a strong resistance for a while. This significant pump in BTC injected bullish sentiment into the broader crypto market.
As a result, many coins, including DOGE, started pumping.
Looking at DOGE’s chart, the price is now above $0.08, a critical resistance. The question is whether the coin will sustain this momentum to hit $0.1 in the coming days.
Meanwhile, the price analysis below will tell us what Dogecoin will do next. It also outlines some expert’s views on DOGE.
Dogecoin On Its Way to $0.1, Crypto Analysts Disclosed on X
Given how DOGE is performing now, it could be on its way to breaching the $0.1 level. Recall that many top analysts made this prediction a few weeks ago. Firstly, top analyst Ali Martinez shared on Jan 2024 that Dogecoin has a great chance of reaching $0.100.
The TD Sequential recently presented a buy signal on the #Dogecoin 3-day chart. As long as the $0.074 support cluster continues to hold, $DOGE has a great chance of rebounding to $0.100 or higher! pic.twitter.com/J9fm65nHkf
— Ali (@ali_charts) January 14, 2024
The analyst made this optimistic prediction concerning the Tom DeMark (TD) Sequential. He says technical indicators suggest a chance to buy now, indicating a coming price increase.
The analyst, however, said that the bulls need to defend the $0.074 support very well, as the coin’s possibility of reaching $0.1 depends on the $0.074 support.
Looking at DOGE’s price performance today, February 13, 2024, it has grown past this $0.074 region, currently trading at $0.0820. This means the bulls are now active in the market and might take DOGE to $0.1 soon.
In addition, another X account, ChartAI Bot, an automated technical analysis provider, shared its prediction for Dogecoin.
The analyst warns that traders should be aware of the resistance at the $0.0835 level. A few hours after ChartAI Bot’s post, another crypto analyst, World Of Charts, said that if DOGE breaks this level, its price could jump by 45% to 50%.
This means a target higher than what Martinez said. World of Chart backed its prediction with a chart where he drew a bullish chart pattern.
$Doge
Finally #Dogecoin On Verge Of Another Breakout Formed Bullish Pennant Incase Of Successful Breakout Expecting 45-50% Bullish Rally#Crypto #Doge pic.twitter.com/9OqKTm3eR2
— World Of Charts (@WorldOfCharts1) February 9, 2024
Summarily, these analysts are very bullish on Dogecoin at the moment. However, more buyers need to enter the market to prevent prices dropping.
Big Dogecoin Transfer Sparks Market Buzz: What It Means for Prices
Today’s big move in the crypto world caught everyone’s eye: 250 million Dogecoin, worth about $20.67 million, shifted hands. This transaction caught people’s attention in the digital money world, and platforms like Whale Alert closely watched it.
According to this platform, it all happened through Robinhood, a famous U.S. brokerage, but the recipient’s wallet remains a mystery.
🚨 150,000,000 #DOGE (12,404,079 USD) transferred from #Robinhood to unknown wallethttps://t.co/uhpUXARgIO
— Whale Alert (@whale_alert) February 13, 2024
Meanwhile, there’s no sure reason for this transfer, but it could involve big investors or institutions. The size of the transaction suggests something significant might be brewing, and as usual, many will be wondering whether this movement of Dogecoin could affect its price.
Usually, when big chunks of a cryptocurrency move around like this, it often stirs up speculation. This speculation can lead more people into buying or selling Dogecoin, pushing its price up or down.
But, seeing the price rising today, the news is positive for Dogecoin.
Dogecoin Technical Analysis: DOGE Consolidates Above Key Moving Average, What’s Next?
Dogecoin is consolidating around the 50-day simple moving average (SMA) line but remains above the 200-day SMA. This shows Bullish’s strength is robust right now. If buyers can sustain momentum, the price may hit the $0.090 zone, which was the previous high.
The next potential resistance level is the widely-predicted $0.1 target. However, Dogecoin will likely need to trade sideways within the $0.090 region before rallying to $0.1. Note that the consolidation helps build energy for the next major breakout.
The RSI is at 56 currently. This means Dogecoin has room to rally before becoming overbought. Overall, Dogecoin looks positioned to hold the 50-day SMA support and continue trending upwards.
However, failing to hold the 50-day SMA could invite a bearish breakdown.
So, investors should watch the charts closely to monitor the price trend. They could also diversify to a trending meme coin that emerged with more utility and opportunity for investors aiming to make short-term profits.
Dogecoin Alternative – Sponge V2
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The rebirthed token, Sponge V2, introduces a Play-to-Earn gaming architecture using the Polygon Layer 2 network. This shift aims to improve security and decentralization.
A few days ago, the project moved to the Polygon network, where it launched version 2.0. This move has been causing a buzz in the market.
Investors who entered the project early made more than 50% of their investment a few hours after the launch. The project plans to give back to its community members, especially those who actively hold Sponge V2.
Stakers using the Polygon network will receive 1391% from staking their tokens.
Users have already staked and bridged nearly $8 million of Sponge tokens. Now, with SpongeBob token V2, fans and holders of SPONGE can expect big profits. This new coin aims to copy the success of the old one, evidenced by the rising interest from investors. Visit the official website to learn more about buying before the next bull run.
