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- Dogecoin is expected to complete a 13 percent surge to hit $0.07 despite facing resistance along the way.
- The asset was trading at $0.061 at the time of this prediction, indicating that the analyst is almost right
Dogecoin (DOGE) was one of the best-performing crypto assets in the recent rally. Although its current market sentiment has shown bearish signals, the meme coin is still 10 percent up in the last seven days and 0.53 percent up in the last 24 hours to trade at $0.068659. On October 23, the asset had a total trade volume of $413,589,293, representing a 142.09 percent surge in 24 hours. Currently, this figure has drastically reduced to $204,956,954 with a market cap of $9,753,882,000.
According to Ali Martinez, a crypto analyst, the bearish period is almost over. This implies that Dogecoin is ready for another uptrend which could send the price to $0.07. The bullish outlook was deduced from the technical analysis of its weekly timeframe.
Dogecoin appears ready to start a new uptrend. Dogecoin appears ready to start a new uptrend! The TD Sequential presented a buy signal on the $DOGE weekly chart. A sustained close above $0.062 could result in an upswing to $0.070.
According to him, the analysis is supported by TD Sequential, a technical indicator that indicates a potential turning point in the market. To determine an exhausting trend where the market makes a U-turn from bearish to bullish, the TD Sequential is mostly used. The indicator shows that bulls are taking over the market as there is a signal of buying possibility. The $0.07 price zone is separated from the current price by just a thin line of resistance level.
More on the Dogecoin Price Analysis
It is also important to note that the prediction was made when Dogecoin was trading at $0.0612. After that, the asset went ahead to break multiple resistance levels to near this price height.
Regardless of the bullish prediction, Dogecoin had a poor record in terms of the number of average daily transactions measured on a seven-day scale. As of October 11, the figure stood at 37,300 compared to its record of 2.1 million transactions in June. This was a 98 percent decline.
Dogecoin’s 7-day average for daily transactions now sits at 37.3k— a sharp decline from its June high of over 2.1M and a secondary spike of 616k in July. Will we witness another surge in $DOGE activity soon?
The decline of its network activity was linked to the loss of interest of users. According to reports, the asset has been on a constant decline since its all-time high price of $0.731578. Using the current price, Dogecoin has fallen by 90 percent. The asset is also 10 percent down in the last 90 days.
However, some analysts believe that the meme coin can recoup most of its lost value as Bitcoin whales anticipate a general market surge in the wake of the halving event. A price-prediction platform expects Dogecoin to value not less than $0.082636 before the year ends. On average, the asset has been predicted to finish the year at $0.103295. Interestingly, it can go as high as $0.123954 before December 31.
