Analyst Ali Martínez is optimistic about the future of Dogecoin, predicting a rise to $1.50 in the next four weeks and setting a longer-term target of $3.
Whale activity has been notable, with 210 million DOGE purchased during the recent price correction.
Last week, the price of Dogecoin rose to $0.50 before retreating amid the overall pullback in the altcoin market. DOGE has actively participated in the meme coin rally this year, with gains of over 100% in the last two months and more than 331% since the beginning of the year.
Although the price of Dogecoin has been flirting around the $0.40 levels in recent weeks, this has not prevented investors from making bold predictions of up to $10.
The price of Dogecoin will rise to $10 in the next four weeks
For a long time, the price of Dogecoin has been eyeing a rally to $1, which has served as a psychological barrier for the meme coin. However, an expert suggests that the cryptocurrency is on track to reach $1.50 in the next four weeks, with a potential rise to $10 in 2025.
Dogecoin is currently the seventh largest cryptocurrency by market capitalization, valued at $61 billion, far behind BNB and Solana, both valued at over $100 billion. However, in terms of daily trading volume, Dogecoin significantly surpasses BNB, with $6 billion in volume over 24 hours, even exceeding Solana.
Crypto analyst Ali Martínez has expressed strong optimism about Dogecoin (DOGE), stating that the current phase of the coin's bull cycle is still early.
The analyst also emphasized that he plans to buy more DOGE between $0.40 and $0.30. Martínez set a price target of $3 for Dogecoin, while suggesting that an even more extreme scenario could push the price up to $18, according to the CNF report.
The analyst also highlighted significant whale activity, revealing that Dogecoin whales bought 210 million DOGE during the recent price correction.
Technical analysis of the price of #doge
Recent attention on Dogecoin has focused on its December peak, where it reached $0.4846, the highest point in over three years. However, technical analysis shows that while the price had been moving within a bullish regression channel, a drop on Tuesday caused it to fall below this channel.
This breakdown below the lower limit indicates a change of polarity and could signal a short-term correction.
The $0.35 region is expected to provide strong support, offering a potential buying opportunity at lower prices.
This level is particularly significant as it closely aligns with the 50% Fibonacci retracement from the October low of $0.10, similar to the $0.30 level. Additionally, according to the CNF report, the overbought conditions of DOGE have calmed down, suggesting a rally in the future.
Currently, key resistance levels are the local maximum of $0.48 and the psychological mark of $0.50. A breakout above these levels could pave the way to the previous all-time high of $0.70.