Dogecoin

<p>Dogecoin’s price movement is consistently noting positive growth, and its future outlook appears quite optimistic. According to analyst Ali Martinez, Dogecoin ($DOGE) is on its way to a parabolic bull run influenced by the activity of both retail and institutional investors.</p> 
<p>Ali states that the price trajectory of Dogecoin is looking like a historic breakout, as whales and retailers accumulate the coin.</p> 
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   Source: X
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<p>However, the coin is yet to enter the overbought territory, suggesting there is more to come in the coming weeks. In recent weeks, Ali cites that large-scale investors have reportedly stuck to DOGE instead of <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/">Bitcoin (BTC)</a>.</p> 
<h2 class="wp-block-heading" id="h-technical-analysis-indicates-room-for-growth"><strong>Technical Analysis Indicates Room for Growth</strong></h2> 
<p>Looking from a technical standpoint, though DOGE has surged close to 360% from previous lows, momentum indicators suggest it’s yet to precipitate into overbought territory. </p> 
<p>For instance, the Money Flow Index (MFI) is at neutral 55.94, hence strong investor interest with the risk of any imminent correction. </p> 
<p>The healthy balance between buying pressure and price movement indicates Dogecoin still has scope for huge gains.</p> 
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   Source: X
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<p>Martinez says Dogecoin’s price action seems to be in a parallel channel, a technical pattern that may be dictating further movement. </p> 
<p>A strong level of the channel’s lower boundary became a base of the rebound for the token. Based on this pattern, Martinez puts Dogecoin as a possibility to reach $2.40 in the near term and long-term resistance at $18.</p> 
<p><a href="https://www.thecoinrepublic.com/price-prediction/dogecoin/">Dogecoin</a> is now consolidating around its recent highs in a price range of around $0.3751. The 4-hour chart reflects a mini-trend taking shape, where it appears the range is about to break out. </p> 
<p>If DOGE can break clear of the resistance at $0.38, the next leg of the rally could be on its way to Martinez’s first target of $2.40.</p> 
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   4-hour DOGE/USDT Chart | Source: TradingView
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<h2 class="wp-block-heading" id="h-retailers-join-the-dogecoin-frenzy"><strong>Retailers Join the Dogecoin Frenzy</strong></h2> 
<p>It was whales that helped push Dogecoin’s rally, but with retail investors catching on, it could grow further. The popularity of Dogecoin among everyday traders has grown more than ever.</p> 
<p>As the Dogecoin price moves, this grassroots enthusiasm has been a historical factor, driving spikes when it occurs. Its trading metrics also hint at a retail interest in Dogecoin.</p> 
<p>DOGE has had a notable bounce in market cap, with its market cap now $55.08 billion, a 3.82 percent increase in 24 hours according to CoinMarketCap. </p> 
<p>The fact that there’s also been a surge in activity indicates that retail traders are playing a significant role in the token’s momentum, which fits right into the cycle of wider token adoption within the crypto space as a whole.</p> 
<p>On the surface Martinez’s price predictions of $2.40 and $18 may sound a bit lofty, however, the current market dynamics become the reason why these targets may materialize. </p> 
<p>As a coin that has seen historic bull runs time and time again, Dogecoin’s bull runs continue to do the unexpected, a combination of technical factors, market sentiment plus strong community backing. </p> 
<p>The coin’s budding rally is no different and several indicators suggest the coin’s upward trajectory is far from over.</p> 
<p>For Dogecoin to break out of the range it’s trapped in, it would have to sustain buying and lead to a $2.40 all-time high. The $18 target is a long-term projection, which would likely be based on market conditions beyond Bitcoin.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/20/analysts-call-dogecoin-breakout-as-retailers-and-whales-stack-up/">Analysts Call Dogecoin Breakout As Retailers And Whales Stack Up</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Analysts Call Dogecoin Breakout As Retailers And Whales Stack Up

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