Crypto analyst Ali Martinez predicted that Dogecoin (DOGE) could soon enjoy a 100% price gain. He also elaborated on what needs to happen for the foremost meme coin to enjoy such a parabolic move.
How Dogecoin Will Rise To $0.322
Martinez explained in an X (formerly Twitter) post that Dogecoin is currently encountering significant resistance between $0.166 and $0.171, a range where 75,500 addresses have acquired almost 10 billion DOGE tokens. The analyst claimed that Dogecoin’s price could double if it breaks out from this range, with $0.322 being the next “key resistance” for DOGE.
Martinez’s analysis suggests that DOGE’s price has failed to experience a bullish reversal for some time because the meme coin continues to face significant selling pressure from these holders who had bought the meme coin between $0.166 and $0.171. These 10 billion tokens purchased by these holders represent a considerable amount of Dogecoin’s circulating supply, which is why their sell orders greatly impact Dogecoin’s price.
However, as Ali predicted, Dogecoin could make a parabolic move to the upside if it breaks out from this resistance level. This is especially true considering that the number of holders who bought the meme coin above this range (up until $0.322) isn’t enough to send Dogecoin’s price spiraling down even if another wave of sell-offs occurs after Dogecoin enjoys a break out above $0.171.
Martinez’s prediction follows crypto analyst Mag’s recent prediction that DOGE is poised for a 700% price explosion, which could send it to $1.7. The analyst’s prediction further cemented the belief that the foremost meme coin would rise to $1 at some point in this market cycle.
Interestingly, Martinez had predicted in March that history suggested that Dogecoin could hit $1 by mid-April, although that didn’t happen. However, it confirmed that this price level was on the cards for DOGE and a high that could be eventually attained in this bull run.
Exciting Days Ahead For DOGE
Crypto analyst The Crypto Dog recently shared his bullish sentiment towards DOGE, claiming that there are still exciting times ahead for the foremost meme coin. He acknowledged the fact that the meme coin market has become saturated but added that there is still a “charm to her (Dogecoin) lumbering.”
He also shared his belief that DOGE still has a “place” in the grand scheme of things, suggesting that the foremost meme coin will still be a top-gainer in this bull market, although attention seems to have turned to newer meme coins like Dogwifhat and Pepe. The Crypto Dog even went as far as stating that Dogecoin will outperform Bitcoin in this market cycle.
At the time of writing, DOGE is trading at around $0.16, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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