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Analyst Predicts Dogecoin’s Potential Rise to $0.50
Dogecoin (DOGE) is seeing stable performance as of September 10, breaking out of a symmetrical triangle pattern with indications of bullish momentum.
Optimism Surrounding Dogecoin
There is growing optimism in the market, fueled by speculations of a potential DOGE exchange-traded fund (ETF) launch on September 11. Bloomberg Senior ETF analyst Eric Balchunas hints at the upcoming launch, highlighting the anticipation in the market. Whales have reportedly accumulated approximately 280 million DOGE this week, suggesting increasing confidence among major holders.
Current Price Analysis
Trading at about $0.24 currently, Dogecoin faces immediate resistance at $0.29. A decisive breakout above this level could trigger a significant upward movement. Analyst Ali Martinez, or ali_charts, believes that surpassing $0.29 could potentially lead to a surge toward $0.50.
Dogecoin’s Path to $0.50
Martinez’s analysis indicates that since mid-July, Dogecoin has been forming higher lows, hinting at accumulation and possible future momentum. A breakthrough beyond $0.29 with strong trading volume could propel DOGE towards a range of $0.31 to $0.36 initially, eventually aiming for the $0.50 mark.
If Dogecoin fails to breach $0.29, it might retreat to the $0.205 support level. Further decline below this could drive the price down to $0.175.
Short-term Speculation and Long-term Growth
This week could be a significant step towards mainstream adoption of Dogecoin, leading to short-term price fluctuations. Analysts have diverse opinions on the long-term trajectory, with some anticipating a push towards the $1 mark by the end of the cycle, and even foreseeing double-digit price targets.
Featured image via Shutterstock.
The original article first appeared on Finbold.
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