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Cryptocurrency analysts are predicting a major rally for Dogecoin, with significant investor interest highlighted by the quick acquisition of 60 million DOGE amid a brief market correction.
Analyst Predictions
On-chain analyst shared a large buy action by Dogecoin whales, who acquired 60 million DOGE in the last 24 hours, as the token’s price fell by roughly 6.11% from its local high. Despite the temporary correction, DOGE has rebounded, increasing 4.91% over the last 24 hours to $0.1257, reflecting a 15.79% increase over the last seven days.
Renowned analysts have both forecasted strong future rallies for Dogecoin, with potential significant price surges. One analyst anticipates a rise in DOGE’s price to retest strong resistance levels at $0.30, established during the 2021 bull rally, and fill in an inefficient upmove. However, he cautions that if DOGE’s price goes below $0.10, this possibility should be ignored. Meanwhile, another analyst believes that the current super cycle of memecoins has the potential to skyrocket DOGE prices, reaching $2 per coin.
Increasing Usage
The use of Dogecoin has been increasing in numerous states, which may lead to a price increase. Venezuela, in particular, has turned to cryptocurrency due to exorbitant fees in traditional channels, with Dogecoin emerging as the market leader in the South American nation. This bullish sentiment is supported by increased usage and market characteristics that favor Dogecoin, despite the volatile nature of the crypto market.
- The potential for a major rally in Dogecoin’s price has garnered attention from various analysts and market observers.
- The acquisition of 60 million DOGE by whales amid a market correction, along with forecasts of strong future rallies by analysts, indicate a positive outlook for the meme token.
- With increasing usage and market characteristics favoring Dogecoin, the potential for significant price surges and a climb to retest strong resistance levels at $0.30 presents an appealing opportunity for investors and traders alike.
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