Dogecoin (DOGE) seems to have regained favor with investors, as market participants have anticipated bullish forecasts for its recent performance.
DOGE recently reached a price of $0.1977, continuing to rise over the past 7 days with a gain of 19.01%. The current upward trend suggests that market participants, especially retail investors, are regaining interest.
Other indicators, such as trading volume and market capitalization, are similarly attractive, with a 24-hour trading volume and market cap of $2.7 billion and $29.6 billion, respectively. Therefore, it is not surprising that the analyst is optimistic about Dogecoin's short-term trend.
Famous analyst Ali Charts, known for clear and concise price predictions, stated that Dogecoin (DOGE) is poised for a breakout. He further pointed out that there are three recent target price levels for Dogecoin (DOGE).
In a post shared on X, an analyst presented on-chain data showing a new UTXO Realized Price Distribution (URPD) chart—this indicator aims to outline the areas where a large amount of DOGE was last exchanged.
In the analyst's histogram, three significant price levels that determine the asset's next key price movement are outlined: $0.18, $0.21, and $0.36.
The above price points are listed as key resistance levels, with $0.18 accounting for 8.94% of Dogecoin's total supply, while $0.21 and $0.36 account for 7.24% and 3.28% of Dogecoin's total supply, respectively.
These resistance levels are where sellers typically intervene to prevent the asset from rising further, which is crucial for Dogecoin (DOGE), as breaking below these levels could lead to a price reversal. On the other hand, if Dogecoin (DOGE) bulls can break through the $0.36 resistance level, the asset may be retesting the previous high of $0.73.
As of the writing of this report, Dogecoin (DOGE) is trading at $0.19, with a cumulative hourly decline of 0.30%, and a cumulative increase of 6.98% over the past 7 days. It is noteworthy that Dogecoin (DOGE) ranks third in terms of growth over the past 7 days, behind ADA, XRP, and ETH.
