Story Highlights
Dogecoin price is showing strong momentum, which shows that the coin is preparing for a brilliant future
The top memecoin is at the foot of a massive breakout and is expected to rise 100x and reach double digits in the upcoming bull run
The latest price action suggests that the cryptocurrency market is gearing up for a strong bullish move in the coming days as the market dynamics are about to shift. Bitcoin price surged sharply ahead of the previous day’s close and is riding a bullish wave across the market. Meanwhile, top memecoin Dogecoin, which has been maintaining a sluggish pace so far, is about to see a massive up move soon.
In a recent update, Tesla moved all 11,509 BTC to 7 new wallets after being silent for two years. While this appears to be another internal transfer, traders seem to have sniffed out a bullish possibility. DOGE price has rebounded strongly from the mid-term lows around $0.105 and is on track to test the September highs above $0.127. The coin has shown tremendous strength and is therefore rising at a time when other memecoins are caught in an extreme bearish influence.
What happens next? Will the DOGE price maintain a solid uptrend as the trading volume has surged significantly in the past 24 hours?
ALI, a well-known cryptocurrency analyst, predicted the next price action for Dogecoin to rise, which seems to have reached the lower support of the multi-year channel. Therefore, the price is expected to consolidate along the channel support, which may lead to a healthy uptrend and may push the price to the milestone above $1. However, the chart suggests that this may be a beginning, as the real target may be in the double digits.
Recently, data shows that Dogecoin has the highest number of short-term holders. This suggests that traders are still uncertain about the long-term price trend and thus, may be taking profits, which may not be conducive to the consolidation of the uptrend. Therefore, the possibility of bearish interference may not be eliminated as bulls do not seem to have enough strength to achieve a sustained rise.
