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- Leading memecoin Doge approaches key resistance ; poised to underperform or outperform in the near term.
- Pseudonymous crypto analyst Altcoin Sherpa, bets big on Dogecoin, says asset could rally by a staggering 600%.
The most valuable memecoin in the cryptocurrency market is on the verge of either underperforming or outperforming other rival memecoins, as it heads towards key resistance.
Dogecoin, which currently holds the position as the most valuable memecoin by market cap, has dropped by more than 90% since peaking in 2021. However, as the asset approaches a critical point, Dogecoin could either make a massive comeback or drop to lower lows.
The memecoin is currently stuck between the critical support and resistance level, according to the weekly technical charts.
The technical charts also depict a descending pattern, reflective of bearish dominance over the past months. A massive selling pressure has been a consistent pattern for the memecoin over the past weeks.
It is worth noting that the asset peaked in May of 2021, at a price of $0.739, and further dropped to a low of $0.049. However, the bulls seem to be attempting a comeback as the month comes to a close.
At press time, Dogecoin is moving into the green zone, thanks to the recently sustained momentum from the past 24 hours. While trading volume is down by more than 21% at this time, market cap has risen decently by 0.25%.
Additionally, the memecoin has sustained 4.70% in gains from the last 24 hours. While a large number of leading altcoins, including cryptocurrencies like Bitcoin, are yet to clear weekly losses, Doge has managed to turn green.
Doge now trades at a press time of $0.07, and is poised to continue in an upward trajectory, if the bulls sustain the ongoing uptrend.
Crypto analyst convinced that Dogecoin could surge by 600%
Meanwhile, a pseudonymous cryptocurrency analyst known as Altcoin Sherpa has made a bold price prediction for Dogecoin. According to the analyst, Dogecoin could rally by 600% and successfully reclaim the $0.50 price mark.
However, despite the bullish price prediction, the analyst has left a disclaimer for his 196,000 twitter followers, explaining that certain factors could hinder this possibility.
He shared his reasoning behind this in a tweet saying;
“DOGE: A high probability/low IQ play is that you can just buy DOGE now and go into a coma and then wait for it to go to .30-.50 or even higher. It’s going to happen eventually.”
$DOGE: A high probability/low IQ play is that you can just buy DOGE now and go into a coma and then wait for it to go to .30-.50 or even higher. It's going to happen eventually.
Downsides are:
-opportunity cost
-this could take a LONG time
-energy might go into SHIB or PEPE pic.twitter.com/Z4osBt0vxq— Altcoin Sherpa (@AltcoinSherpa) July 18, 2023
However, the analyst also highlights some major downsides that the market could encounter. Asides from opportunity cost, more time and energy will be required for the prediction to come to fruition. As such, other rival memecoin’s like Shiba (SHIB) and Pepe (PEPE) could take the place of Doge.
However, it is still worth noting that rival memecoins are still behind Dogecoin, as far as market cap and trading volume are concerned.
