A Glassnode analyst just shared an ultra-bullish Dogecoin prediction: a 13x surge is possible during the potential altseason.
![Dogecoin (DOGE) Price Prediction: 13x Surge Possible During the Potential Altseason Dogecoin (DOGE) Price Prediction: 13x Surge Possible During the Potential Altseason](/uploads/2024/05/24/cryptocurrencies-news/articles/dogecoin-doge-price-prediction-x-surge-potential-altseason/image-1.jpg)
A Glassnode analyst has just shared an bullish Dogecoin prediction, suggesting that a 13x surge is possible during the potential altseason. The chart highlights $2.9 as the potential price market for the meme asset. Breaking this down further:
DOGE is tracking a large cup and handle pattern, which is a bullish formation. This pattern has historically been seen to precede consolidation before an ensuing breakout. The target to move to, as shown in the chart, is the $2.93 level.
At the moment, DOGE is trading around the $0.167 level, taking support from the 50-day exponential moving average in blue and the 200-day exponential moving average in orange, hence indicating a medium- to long-term uptrend. We can also observe a slight expansion in the Bollinger Bands, which signals increased volatility that could drive the price in larger moves.
Over the last 24 hours, 1.77K large transactions were registered, carrying circa $11.4 billion worth of DOGE. This increased activity among whales might indicate potential big investors positioning themselves strategically in view of a market change that could precede a great price swing.
While the analysis is bullish, a couple of factors are there that could turn that prediction on its head. Let's take a look at those as well:
1. Market sentiment: General market sentiment across major cryptocurrencies is likely to play a huge part. If the market is bearish, it could hinder DOGE's ability to reach such high targets.
2. Resistance levels: Breaking through $1 represents a psychological barrier for DOGE. To rise above this resistance level, significant purchasing power and market momentum will be needed to break above the levels listed.
3. Fundamental factors: Dogecoin is not the most commonly used digital asset among institutions or various entities due to the lack of an ecosystem behind it. DOGE mostly acts as a meme and community coin and does not offer utility.
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