Following a rebound in the general market, major digital assets like Dogecoin have seen notable growth, attracting strong sentiment from investors and prompting several bullish price outlooks from enlightened crypto experts about DOGE’s potential in the near term.
Dogecoin’s Price Surge To $0.3 And Beyond Looms
Dogecoin’s renewed upward strength might not be ending soon as Dogegod, a market expert and trader has predicted that the dog-themed meme coin could be gearing up for a significant breakout that may trigger an extended price rally toward the $0.3 level.
The expert’s bullish projection suggests that Dogecoin might witness huge increases to crucial price levels based on its lengthy consolidation phase, reflecting the resilience of the meme coin over the years.
According to Dogegod, Dogecoin has been consolidating for several years while maintaining its support level of $.011. In the event that the crypto asset breaks out of this stabilizing phase, the market expert believes that the move might ignite a price rally up to the $0.30 level or even higher.
Dogedog prediction is part of a broader bullish attitude around the flagship meme coin, possibly triggered by a rise in adoption and growing support in the DOGE community.
Another market expert, Master Kenobi has also delved into the current price movement of Dogecoin, highlighting that the token has begun its bull run in comparison to past cycle trends, which preceded significant upswings.
Master Kenobi noted that in the previous cycle, DOGE started its bull run with 4 consecutive straight green weeks after 2 weeks of red weeks. Meanwhile, in the ongoing cycle, the digital asset has replicated the pattern as indicated by a green line on his chart.
Kenobi stated that the previous bull run began about 175 days following the Bitcoin Halving event in 2020, whereas it seems that the current bull run started 20 days earlier. Thus, given that the recent Halving event occurred precisely 175 days ago, Kenobi claims the likelihood of experiencing additional red in the upcoming weeks is decreasing if the first 4 weeks were a fake-out.
DOGE On-Chain Activities See Major Growth
It is worth noting that these optimistic forecasts for DOGE come in light of an increase in on-chain activities in the network. In the past few days, the number of Dogecoin’s active addresses has witnessed notable growth to new heights. Reports from Ali Martinez, a crypto expert revealed that the active addresses of DOGE recently surged to about 133,880, marking its highest level in the last 8 months.
This significant increase signals a renewed wave of interest and activity for the meme coin. It also reflects growing transactions on the network and greater participation from both retail and institutional investors.
Featured image from Unsplash, chart from Tradingview.com
Source: https://bitcoinist.com/dogecoin-on-the-verge-of-a-breakout-to-0-30/