- Over the past day, the price of the memecoin has risen nearly 4% to $0.226. The daily trading volume of Dogecoin (DOGE) increased by 12% and has already exceeded $2 billion.
This occurred despite the U.S. Securities and Exchange Commission (SEC) postponing its decision on Grayscale's application for a spot fund based on the memetoken. The SEC is expected to announce its decision by June 17.
Crypto analyst Ali Martinez saw potential for further breakout in Dogecoin's movement. He stated that if the memecoin manages to overcome the critical resistance level at $0.239, this could serve as momentum for growth to $0.265.
Another crypto analyst, Javon Marks, noted the historical patterns of the DOGE bull cycle. Based on past trends, he predicts that the asset could rise by more than 215%, potentially reaching a minimum price of $0.73905.
Judging by previous Dogecoin bull cycles and its similar structure in this cycle, we may be awaiting another rise of nearly 215%, Marks stated.
Some market analysts, relying on technical indicators, predict much higher prices for Dogecoin at $1 and above. One of them believes that the memetoken may be forming its third major 'cup and handle'. Additionally, judging by the logarithmic scale, the potential targets for the memecoin could reach $6.00, significantly above the current trading range of Dogecoin.