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Notably, despite the price struggling to gain a foothold amid a broader crypto market rally over the past few months, the largest memecoin has shown remarkable strength, rising around 23% over the past few months. of the last seven days. Analysts are now predicting an even bigger move for the crypto asset, which could catalyze a broader memecoin rally.
On Thursday, analyst TraderRocko shared one of the most optimistic forecasts for Dogecoinusing Fibonacci projections to predict a 150% price increase. He emphasized that current price levels may never be revisited, urging the Dogecoin community to take advantage of this opportunity.
“Last chance to buy $DOGE below $0.40…Over 60% chance it hits $1 by the end of January.” » he tweeted.
This sentiment was echoed by analysts BitNull and MickeyBullCrypto, who agreed with the projection while highlighting a bullish triangle pattern, suggesting that a breakout could soon propel the price to new highs.
& nbspMeanwhile, popular analyst Trader Tandigrade has highlighted momentum indicators such as the Chande Momentum Oscillator and Relative Strength Index, which suggest significant upside potential.
“Dogecoin is about to complete the final leg of the bull run. The Chande Momentum Oscillator (ChadeMO) indicates that $DOGE still has a LONG way to go to reach the top of this cycle. LONG = heading north, which could happen very quickly,” he tweeted, projecting an ambitious goal of $5.
Historical comparisons further reinforce these bullish forecasts. In a January 15 tweet, Martinez highlighted that DOGE could replicate a 2021-style bullish surge, with several key factors aligned.
“During the last bull cycle, DOGE began its second bullish leg in the week of January 25, 2021, after a 56% price correction. Over the past few weeks, it has faced a 46% correction. If history repeats itself, the next rally could start as early as next week. » he declared. Notably, after the 2021 correction, DOGE saw a substantial rise, suggesting that a similar move could now propel the price to around $4 from its current value.
Added to this bullish sentiment is the peak in whale activity. Friday, crypto tracking platform Whale Alert reported a transfer of 400 million DOGE ($154 million) between unknown wallets, signaling potential whale accumulation. Additionally, on Thursday, Martinez highlighted that whales purchased 200 million DOGE in less than 48 hours, contributing to the 470 million DOGE accumulated earlier in the week.
Beyond speculation, optimism is fueled by expectations of an improving crypto landscape in the United States following Donald Trump’s inaugurationalongside rumors of Tesla accepting DOGE as payment and its potential integration into Elon Musk’s X Money platform. These developments indicate increased mainstream adoption and the emergence of real-world use cases for the token.
At press time, DOGE was trading at $0.4119, reflecting a 9.38% rise over the past 24 hours.