As reported by CryptoPotato, DOGE is up nearly 15% this week, approaching $0.17, with analysts predicting a bullish trend due to a breakout of multi-year resistance and increased trading volume. The recovery in the cryptocurrency market has been evident over the past few days, with Bitcoin (BTC) regaining the $64,000 mark and Ethereum (ETH) climbing above $3,100. However, the gains for Dogecoin (DOGE), the largest meme coin by market capitalization, were even more significant.
According to many analysts, the recent rally has created a major bullish environment for DOGE, which means that its value could rise significantly in the coming months. This view is supported by Rekt Capital, a user with nearly 500,000 followers on the social media platform, who claims that Dogecoin has “turned multi-year resistance into new support,” forming a “new macro uptrend.” Crypto Catalysts is even more bullish, highlighting positive factors such as the increase in the meme coin’s daily trading volume and “recapturing weekly levels.” The user believes that DOGE’s path to the $1 milestone is clear.
Another crypto analyst, Ali Martinez, also weighed in, saying he was not alarmed by last week’s market drop and DOGE’s price plunge, arguing that DOGE’s pullback could be “normal behavior before a massive bull run.” He noted that in past years, the price of the meme coin has fallen before a major rally.