Dogecoin (DOGE) Primed for a Massive Rebound To $0.6, Analysts Say
- Dogecoin key support levels between $0.16 and $0.17 could trigger a breakout.
- Analysts predict potential targets of $0.30, $0.45, and $0.60 if DOGE surges.
- Whale accumulation and rising network activity point to growing investor interest.
Dogecoin (DOGE) is showing signs of a potential breakout, with analysts highlighting bullish technical patterns and growing on-chain activity. While some experts foresee an immediate price surge, others suggest DOGE could dip lower before rallying to higher levels.
Meanwhile, increasing whale transactions and a surge in active addresses indicate strong accumulation, suggesting that market confidence in the meme coin is growing.
DOGEs Technical Setup Signals a Breakout
Market analyst Whalesdesk pointed to a pennant formation on the weekly chart and a strong support zone between $0.16 and $0.17. If DOGE holds above this level and breaks out, it could potentially rally toward $0.30, $0.45, and even $0.60, representing gains of up to 250% from current prices.
Another well-known trader, MMBTrader, also sees bullish potential but cautions that DOGE may first dip to support levels at $0.13834 and $0.09081 before surging higher. Additionally, he highlights resistance at psychological levels of $0.30 and $0.40.
On-chain data shows that Dogecoin whales have been accumulating heavily, with notable purchases of:
- 110 million DOGE ($18.5M)
- 1.4 billion DOGE ($224M)
- 1.7 billion DOGE ($300M)
Moreover, active addresses on the network have surged by 76%, climbing from 160,000 to over 280,000 in just a week. This spike in network activity and large-scale buying suggests growing confidence in DOGEs future price action, potentially fueling a breakout in the coming weeks.
Read more: https://thenewscrypto.com/dogecoin-doge-primed-for-a-massive-rebound-to-0-6-analysts-say/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
