Expert Forecasts 700% Growth For Dogecoin (DOGE) As It Sets Sights On $1 Target

Dogecoin (DOGE), the popular meme-based cryptocurrency, demonstrated its resilience in the market, increasing in price by 2.5% in the past 24 hours, reaching a trading price of $0.1607.

Analysts including Altcoin Sherpa and Ali Martinez have recently shared optimistic predictions about DOGE’s future, hinting at further gains and potential. out performance Compare with other tokens.

What is the bright future of Dogecoin in 2024?

Over the past few months, DOGE has been closely monitoring Bitcoin price trends and experiencing its ups and downs in parallel with the market leaders.

On March 28, DOGE reached a year-to-date high of $0.2292, solidifying its position as the 9th largest cryptocurrency with an almost 100% return. Year-to-date growth rate. Despite the volatility, DOGE has shown resilience and captured the attention of investors.

Market expert Altcoin Sherpa recently expressed He is optimistic about the future of DOGE and says the coin is poised to strengthen in 2024.

Altcoin Sherpa recommended an average of between $0.12 and $0.14, highlighting DOGE’s potential to outperform other tokens.

The analyst highlighted that DOGE’s previous consolidation phase lasted almost two years, suggesting that it is poised for significant price increases in the future. Sherpa said:

doge It looks good. I feel strongly that this will be a strong coin for her in 2024. An average of between $0.12 and $0.14 is a solid strategy, and this coin should outperform many other tokens for many reasons. It was chopped for almost two years, it will be a month later.

700% price upward trend towards $1

Meanwhile, crypto analyst Ali Martinez also said: bullish prediction DOGE focuses on the coin’s regular price patterns.

Martinez noted that DOGE will consolidate after breaking out of the descending triangle formation.based on historical trendsanalysts believe that DOGE could rise towards $1 in the coming weeks, which would mark an astounding 700% upside trend for the price from current levels, leading to an increase in the price in May 2021. It exceeds the cryptocurrency’s current high of $0.7316, which reached .

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The 1-D chart shows DOGE’s price increase over the past 24 hours. sauce: DOGEUSD on TradingView.com

Despite Martinez’s optimistic outlook, Dogecoin faces several resistance levels that could hinder a recovery after its price fell 21% over the past two weeks.

As shown in the DOGE/USD daily chart above, Memecoin has encountered a significant obstacle at the $0.1633 price level. This level has acted as a barrier for the past 10 days, preventing further growth. upward movement.

On its way towards the $0.200 mark, DOGE may encounter further hurdles at $0.1739, $0.1938, and $0.1998. These resistance levels will need to be overcome before the cryptocurrency can potentially re-test all-time highs.

It is important to note that Bitcoin’s performance is likely to influence Dogecoin’s price movements in the coming weeks. Additionally, Dogecoin’s overall trajectory to the end of 2024 remains uncertain as it depends on the likelihood of a bullish breakout and various market factors.

Featured image from Shutterstock, chart from TradingView.com

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