Dogecoin (DOGE) has seen a recent drop in price, falling to around $0.14, a 12% decrease over the past week. Despite this decline, some analysts are optimistic about the potential for a price surge based on technical patterns.
Market analysis indicates that DOGE has strong support at $0.115 and resistance at $0.16. The Relative Strength Index (RSI) for DOGE is currently at 48, suggesting that it is neither overbought nor oversold.
Many users, including analysts like CryptoJack and Trader Tardigrade, are expecting a bullish movement from DOGE in the near future. CryptoJack predicts a potential 55% increase to $0.22 once a certain descending pattern is broken, while Trader Tardigrade sees the possibility of a price surge to over $1.40 in the coming year.
IntoTheBlock, a market intelligence platform, has identified a strong on-chain support level for DOGE, with 45 million assets accumulated at an average price of $0.115. This indicates a significant demand zone that could be crucial if the market weakens. Additionally, IntoTheBlock notes that there is resistance around the $0.16 level, where 20 billion DOGE is currently held at a loss.
Analysts like Altcoin Sherpa and KALEO have also made positive forecasts for DOGE, with KALEO even suggesting that DOGE could outperform Bitcoin (BTC) in what he calls a “meme super cycle.” On-chain metrics, such as the RSI, also indicate potential for a resurgence in DOGE, as the RSI currently stands at 48 and has not crossed the overbought threshold since May 21.
Overall, while DOGE has experienced a recent price decline, there is optimism among analysts and traders for a potential price surge in the near future. With strong on-chain support and bullish technical patterns, DOGE could be poised for significant growth.