Dogecoin traders are confident that the cryptocurrency will see a significant increase in value. According to their forecasts, if Bitcoin continues its upward trend, DOGE prices could increase by 180%.
Bullish Chart Signals
A bullish pattern has appeared on the Dogecoin weekly chart, which further reinforces growth expectations. This pattern may indicate that after some decline, the cryptocurrency price may begin to actively grow.
High Market Demand
Dogecoin’s 38% growth clearly demonstrates the high market demand for this cryptocurrency. The number of spot buyers has been increasing since March, which indicates growing interest in DOGE among investors.
DOGE trading volume over the past 24 hours amounted to an impressive $4.7 billion. This indicates active trading and increased interest in the cryptocurrency.
Technical Indicators Point to Growth
The MACD (Moving Average Convergence Divergence) bullish cross is a technical indicator that helps determine the upside potential of an asset. In the case of Dogecoin, the MACD points to the possibility of growth to $0.65 and even $1.
The spot 90-day delta of total buyer volume of DOGE also shows the dominance of buyers in the market. This may indicate that demand for the cryptocurrency will exceed supply in the near future.
The net unrealized profit/loss ratio of long-term Dogecoin holders has exceeded 0.5. This indicates that holders are confident in the upside potential of the cryptocurrency.
Correlation with Bitcoin
Dogecoin and Bitcoin have a strong correlation of about 0.67. This means that the movement of BTC often determines the trajectory of DOGE. Given the current growth of Bitcoin, many analysts suggest that Dogecoin may also show significant growth.
Analyst Predictions
Technical analyst Tardigrade predicts a massive rally in Dogecoin after Bitcoin’s sharp rise. The immediate target for Dogecoin is $1. Crypto trader Javon Marks also predicts a target of $0.65.
However, it is important to remember that investing in cryptocurrencies is risky. It is recommended to conduct thorough research and consult with a financial advisor before deciding to buy or sell cryptocurrency.
