Dogecoin (DOGE), a popular meme-inspired cryptocurrency, is currently suffering heavy losses despite a recent surge in price above $0.16.
However, cryptocurrency analysts are optimistic about DOGE’s future performance. Popular cryptocurrency analyst Ali Martinez expects Dogecoin’s price to double in the current cycle.
Dogecoin started out as a joke and has now grown into one of the most watched digital assets in the crypto space. Moreover, well-known figures such as Elon Musk have endorsed Dogecoin on several occasions, and Dogecoin is also known as the “king of meme coins.”
Despite the growing optimism about the meme coin, the price of Dogecoin is in the red. As of the time of writing, Dogecoin is trading at $0.1646, down 3% on Tuesday, May 28.
Meanwhile, the largest meme coin has a market cap of $23.77 billion. However, Dogecoin’s trading volume has surged 36.02% in the past 24 hours to $1.55 billion.
On the other hand, according to Coinglass, a large number of Dogecoin long positions were liquidated, totaling $2.15 million. Therefore, the bearish trend can be expected to continue due to the sell-off before the resistance level is finally broken. In addition, Dogecoin futures open interest fell by 4.17% to $1.01 billion.
Currently, the relative strength index (RSI) value of Dogecoin is 53.79. This means that the digital asset is not currently overbought or oversold. At the same time, according to Trading View data, the Dogecoin price is well above the 100-day and 10-day EMAs of 0.14791 and 0.16402. This indicates a bullish trend in both the short and long term.
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