In the ever-changing landscape of cryptocurrency, Dogecoin (DOGE) has once again become the focus, with signs suggesting it may be on the brink of explosive growth.
Analyst's optimistic outlook
A strategist closely monitoring the cryptocurrency market has made a striking point, suggesting that Dogecoin is expected to experience significant growth. Analyst Ali Martinez shared his insights on the social media platform X, which has 80,000 followers. He assessed Dogecoin's potential for price increase based on the public's level of interest in it. To gauge the market's interest in this top meme coin, he cleverly utilized Google Trends.
Potential stems from the unachieved peak popularity
Martinez mentioned that some believe Dogecoin will not rise due to factors such as 'market capitalization', 'selling the news', and 'better memes'. However, he countered that when observing people's interest in Dogecoin, it is far from reaching its peak popularity. This means that Dogecoin's growth path is still long. From a more macro perspective, there is still significant room for the market's enthusiasm for Dogecoin to be released, and once this potential energy erupts, it may drive the price of Dogecoin to continue climbing.
Hope brought by technical analysis
From a technical analysis perspective, Dogecoin also shows positive signals. Martinez pointed out that Dogecoin may have formed a bullish flag pattern on the hourly chart. In technical analysis, a bullish flag is a continuation pattern indicating that Dogecoin is consolidating and has prepared for a new round of rebounds. He further predicts that if Dogecoin's hourly closing price exceeds $0.40, it may trigger a breakout, with the price expected to surge towards $0.85, and it might even break its historical high of about $0.74. Currently, Dogecoin is trading at $0.3742, up 3.6% over the past 24 hours, but still down about 49% from its historical high of $0.731, making the expectation of breaking the historical high even more attractive.
Relevant predictions for Bitcoin
In addition to Dogecoin, the analyst also commented on the trend of Bitcoin (BTC). He believes Bitcoin may cover the bearish signals of the TD sequential indicator, potentially reaching six figures. Traders often use the TD sequential indicator to predict potential trend reversals of tokens based on the closing prices of the previous 9 or 13 bars or candlesticks. Martinez stated that if Bitcoin's daily closing price remains above $91,900, it would invalidate Bitcoin's bearish outlook and trigger a breakout to $100,680. This series of predictions, whether for Dogecoin or Bitcoin, provides valuable references for investors' decisions in the cryptocurrency market. In this unpredictable market, everyone is watching to see if these predictions will come true.
The information provided in this article is for reference only and does not constitute any type of advice.
