As the popular yet struggling meme cryptocurrency Dogecoin tries to extricate itself from its price woes, analysts see a massive breakout amidst the reported 70 percent of DOGE wallets turning into profitability.
Dogecoin has plummeted 2.45 percent in the last 24 hours to $0.24 on Thursday, as per Coindesk.
Dogecoin Price Preiction: DOGE Remains Premier Meme Cryptocurrency
Even with its ordeals, DOGE remains among the top cryptocurrencies and is in fact among the Top 10, according to CoinGecko (via FX Street). Dogecoin spin-offs, such as Shiba Inu, FLOKI, Baby Shib and WifeDoge, have multiplied over recent months, but they have yet to depose DOGE as the premier memecoin in terms of on-chain activity and market capitalization.
Dogecoin currently has a market capitalization of $32.29 billion, Coindesk noted.
It is worth emphasizing that Ethereum founder Vitalik Buterin has sold $1.8 million in dog-focused tokens. Buterin, who sits in the Board of Advisors in the Dogecoin Foundation, has not sold DOGE or SHIB in his decentralized trades.
Shiba Inu might have been widely regarded as the "Dogcoin Killer," but it also plummeted as it continues its precarious hold on to its slot in the top 15 list of cryptocurrencies.
Dogecoin investors are eagerly anticipating the launch of DOGE wallets on the Robinhood financial services app. This would further boost the meme crytocurrency's use cases and widen its adoption, experts noted.
FXStreet quoted the YouTuber and cryptocurrency analyst Alen as setting the bullish goal of $0.48 by the end of the year, saying there is a "good chance of getting 5,000 to 10,000 for Ethereum."
The report also noted a bullish outlook from the cryptoanalyst and Twitter user @CryptoWarrior01, who emphasized DOGE's support/resistance flip. The analyst forecasted bullish sentiment to increase as it reaches over $0.25.
Massive Dogecoin Breakout Seen
FX Street underscored that this massive breakout is ongoing after analysts studied the behavior of Dogecoin prices.
Dogecoin value increased by nearly 15 percent on Monday, beating other cryptocurrencies. While half of that increase has been retraced, bulls have showed resilience in keeping that stable $0.25 range, FX Street shared in a separate post.
According to FXStreet, Dogecoin price has the strongest multi-point setups on the $0.0005/3-box reversal Point and Figure chart, or what is called as the Triple Top. This would lead to a prediction for Dogecoin price to reach a 58-percent increase, and hit $0.37 in the coming weeks.
Dogecoin price faces two primary resistance levels to keep its current momentum. One is the weekly Tenkan-Sen or Conversion Line (indicating the mid-point of the highest and lowest prices of the token over the last nine periods) and the 61.8 percent Fibonacci retracement at $0.26. The other resistance level is the Senkou Span B, or the top of the Daily Ichimoku Cloud at $0.27, according to FX Street.
Traders are continuing to observe Dogecoin price as it moves daily. If bears have their way and close Dogecoin before the daily Cloud, then bullish sentiment will wane. Among the critical areas to watch is a possible further drop of Dogecoin to $0.23, which could further extend the woes of the meme cryptocurrency.