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Dogecoin Is 'The Easiest Play, 'Will 2x Instantly' Once It Starts Moving, Bullish Traders Predict
Dogecoin DOGE/USD+1.50%+ Free Alerts has caught the attention of cryptocurrency traders, who see the apex meme coin poised for upside soon.
What Happened: Popular analyst Michael van de Poppe noted, “The meme coin fiesta continues,” with rivals like Dogwifhat WIF/USD+5.46%+ Free Alerts, Bonk BONK/USD+ Free Alerts and Floki FLOKI/USD+ Free Alerts surging.
Van de Poppe points out that “the easiest play,” Dogecoin, isn’t moving yet, but “that’s a safe bet to have in this cycle.”
Pointing to the surge of rival Shiba Inu SHIB/USD+7.31%+ Free Alerts, trader Cold Blooded Shiller tweeted, “Looks like we’re going to get the part where people FOMO into SHIB by longing DOGE,” suggesting a potential for price rally fueled by FOMO (Fear Of Missing Out).
TheCryptoDog added a nostalgic sentiment, writing that Dogecoin is “slow and boring compared to new stuff these days, but there’s charm to her lumbering.” He expects “exciting days ahead.”
Why It Matters: The trader insights come at a pivotal moment for Dogecoin, which is facing significant resistance between $0.166 and $0.171.
According to cryptocurrency analyst Ali Martinez, overcoming this resistance could allow Dogecoin to double in price, with the next key resistance level at $0.322.
Despite its slower movement compared to newer meme coins, traders believe Dogecoin's inherent potential makes it a safer bet within the meme coin ecosystem. As highlighted by recent analyses, a potential 30% upside suggests Dogecoin could experience a price trend reversal.
According to a Coindesk report, a trader bought two million call options on Dogecoin, betting on a price increase to $0.22 by June 14.
As rival coins like Shiba Inu continue to outperform, overcoming the key resistance could position Dogecoin for a substantial surge, reaffirming its status within the cryptocurrency landscape.