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Dogecoin could surpass US$2 and hit US$2.70, says analyst
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The cryptocurrency market was surprised again this Thursday (14), by the memecoin Dogecoin, which registered an appreciation of more than 30% in the last 24 hours, reaching approximately US$0.39.
The rapid rise, in addition to Elon Musk’s support and Trump’s recent appointment of Musk to occupy the DOGE department (which will be created to take care of energy efficiency) has rekindled investor optimism, and analysts project even greater gains for the cryptocurrency.
Among the most enthusiastic predictions is that of Ali Martinez. According to the analyst, the price of Dogecoin could reach up to US$2 next year, with an upside potential that could reach extreme values of up to US$2.70.
Martinez bases his analysis on technical patterns, identifying a well-defined “ascending channel”, known as a “rising wedge”, which points to a prolonged upward movement.
Dogecoin Price Analysis
As the analyst pointed out, Dogecoin has already tested the middle and lower limits of this channel several times, always recovering strongly. This creates an expectation that the cryptocurrency will reach the upper border of the wedge and, therefore, surpass the US$2 mark.
“If Dogecoin maintains the price pattern above the wedge limit, the expectation is that the cryptocurrency will seek new price targets, possibly exceeding US$2,” said Martinez.
In addition to the ascending channel, Martinez noted that Dogecoin’s Market Value to Realized Value (MVRV) ratio has fallen to 45.65%, a level below the 78% historical threshold that indicates market tops. This pullback in MVRV signals that Dogecoin may have room to grow further in the short term.
“This MVRV reset suggests that Dogecoin still has upside potential before reaching a peak in value,” he pointed out.
The 33.77% rise in the last 24 hours has raised Dogecoin’s market capitalization to around $56.87 billion. Meanwhile, trading volume soared by 90%, totaling a value of US$35.78 billion in the same period.
This rise in trading volume indicates that both institutional and retail investors are showing a strong interest in the cryptocurrency. Furthermore, the asset remains above the 50-, 100-, and 200-day simple moving averages (SMAs), with values of $0.2266, $0.1922, and $0.1601, respectively.
Dogecoin could surpass US$2 and hit US$2.70, says analyst
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Dogecoin could surpass US$2 and hit US$2.70, says analyst
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Dogecoin could surpass US$2 and hit US$2.70, says analyst
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Dogecoin could surpass US$2 and hit US$2.70, says analyst
