An extremely positive Glassnode expert recently published a forecast for Dogecoin: a 13x increase might occur during the upcoming altseason. The possible pricing market for the meme asset is shown on the chart at $2.9. Let’s dissect it.
DOGE is following a massive bullish cup and handle pattern. This pattern usually occurs before a consolidation and subsequent breakout. The $2.93 level is the aim to advance towards, as indicated by the chart.
The 50-day exponential moving average in blue and the 200-day exponential moving average in orange are now providing support for DOGE’s trading at the $0.167 mark, pointing to a medium- to long-term rise. A little expansion of the Bollinger Bands indicates higher volatility, which may cause the price to move in bigger increments.
A total of 1.77K major transactions totaling about $11.4 billion in DOGE were reported in the previous 24 hours. This increasing activity among whales may be a sign that large investors are carefully arranging themselves in anticipation of a shift in the market that may precede a significant price movement.
Although the study is optimistic, there are a few things that may make that forecast go the other way:
Market mood: A significant factor is probably going to be the overall sentiment of the main cryptocurrencies. The overall pessimistic outlook for the market may make it more difficult for DOGE to accomplish its lofty goals.
Resistance levels: For DOGE, breaking through $1 signifies the passage of a psychological barrier. Significant buying power and market momentum will be required to break above the indicated levels in order to move over this resistance level.
Fundamental factors: Because Dogecoin lacks an ecosystem, it is not the most often utilised digital asset among institutions or other businesses. DOGE has little real use; it serves primarily as a community coin and meme.
