A cryptocurrency analyst, Ali Martinez, predicted that Dogecoin (DOGE) could shortly experience a 100 percent price increase; he elucidated on the conditions that must be met for the most prominent memecoin to experience such a parabolic trajectory
The Cause of Dogecoin’s Ascent to $0.322
In an X (formerly Twitter) post, Martinez explained that between $0.166 and $0.171, a range where 75,500 addresses have acquired nearly 10 billion DOGE tokens, Dogecoin is presently encountering significant resistance. The analyst predicted that if Dogecoin breaks out of this range, its price could double, with $0.322 representing the following “key resistance” for DOGE.
According to Martinez’s analysis, DOGE’s price has not experienced a bullish reversal. These holders who purchased the meme coin between $0.166 and $0.171 continue to exert substantial selling pressure. The 10 billion tokens acquired by these holders constitute a significant portion of the circulating supply of Dogecoin; thus, their sell orders substantially affect the price of Dogecoin.
Nevertheless, Dogecoin could make a parabolic move to the upside if it breaches this resistance level, as Ali predicted. This is particularly true because the quantity of Dogecoin holders who purchased the memecoin above this range (up until $0.322) is insufficient to precipitate a steep decline in its price, even if another surge of sell-offs ensues after Dogecoin’s breakout above $0.171.
Following the recent forecast by crypto analyst Mag that DOGE is positioned for a 700% price surge, which could send it to $1.7, Martinez has now made the exact prediction. The analyst’s forecast served to solidify the notion that the most prominent meme coin would eventually reach $1 during this market cycle.
In March, Martinez had, intriguingly, predicted that Dogecoin’s price could reach $1 by mid-April, as foretold by history, but that forecast did not materialize. Nonetheless, it confirmed that this price level was imminent for DOGE and that a peak could be reached during this bull run.
Ahead Are Exciting Days For DOGE
The crypto expert Recently, The Crypto Dog expressed his optimism regarding DOGE, stating that the leading meme coin still has thrilling times ahead. Although he acknowledged that the market for meme coins has saturated, he continued, “Dogecoin’s lumbering still has a certain allure.”
Additionally, he expressed his conviction that DOGE retains a “place” in the greater scheme of things, implying that the preeminent meme coin will continue to be a top-gainer in this bull market. However, the factory appears to have shifted its focus to more recent meme coins such as Dogwifhat and Pepe. According to The Crypto Dog, Dogecoin will outperform Bitcoin during this market cycle.
As of this writing, DOGE is trading at approximately $0.16, an increase of nearly 2% over the previous twenty-four hours, per CoinMarketCap data.
