Dogecoin (DOGE) has bent the crypto market once more. It noted a rally of more than 30% in a single day. Analysts are predicting enormous gains for Dogecoin.
One of the most bullish forecasts is from crypto analyst Ali Martinez. He recently predicted Dogecoin prices of as much as $2.70 or as high as $18. In the extreme case if Dogecoin tests the upper boundary of its rising channel.
Dogecoin’s price action within a well defined ascending channel (also called a rising wedge), has given way to Martinez’s optimistic prediction.
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The price action will sustain above the APMRS boundary, according to him. If this pattern continues, Dogecoin could pop towards some big price targets in the near future.
Ali continues that the recent price correction for Dogecoin ($DOGE) has brought its Market Value to Realized Value (MVRV) ratio down to 45.65%.
This is below the historical threshold of 78%, which typically signals a market peak. According to him, this reset suggests that DOGE may have further growth potential in the near term.
Dogecoin (DOGE) Price Surge and Market Stats
Dogecoin’s current feat of volatility and the possibility of quick profits in certain markets. In the last 24 hours, Dogecoin has surged 33.77% to approximately $0.39.
Dogecoin has seen its market capitalization soar to as much as $56.87 billion. Not only is this rally accompanied by a sharp trading volume spike, the trading volume is up by nearly 90%, hitting 24 hours of $35.78 billion.
These numbers show high trading around DOGE, as both retail and institutional investors take. Dogecoin has continued to trade above these 4 Simple Moving Averages (SMAs) on the 4 hour chart at $0.2266 (50 day), $0.1922 (100 day) and $0.1601 (200 day).
The strong support levels below the current price are confirmed by the moving averages of these. If the price remains above all three SMAs then Dogecoin is in a sustained uptrend with the 50 day SMA acting as the nearest support level should we see a retracement.
Furthermore, the SMAs also have a positive alignment (i.e., the shorter SMAs Lie above the longer ones). That is another proof of the bullish market mood.
If the sentiment remains positive, the price should grow further as the moving averages continue to increase from the current levels.
According to other technical indicators, the trend is likely to be sustained. If you take the Average Directional Index (ADX), which measures trend strength, we have it at 69.2 on Dogecoin’s 4-hour chart.
This shows that DOGE is in a strong upward trend. Moreover, the price of Dogecoin is still higher than its 50-day, 100-day, and 200-day moving averages, $0.2266, $0.1922, and $0.1601, respectively.
According to this, these moving average levels are reassurance for the asset’s price moving upwards, acting as support levels.
Dogecoin has historically tested this wedge’s middle and bottom limits multiple times, which sent the meme crypto on major moves. This must hold, and Dogecoin could easily move to the upper boundary and enter at around $2.
