Dogecoin

Moon

Resistance

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A Glassnode analyst just shared an ultra-bullish <a href="https://u.today/dogecoin-founder-makes-stunning-ai-prediction-that-will-impact-everyone" rel="noopener noreferrer nofollow">Dogecoin</a> prediction: a 13x surge is possible during the potential altseason. The chart highlights $2.9 as the potential price market for the meme asset. Let's break it down.
DOGE is tracking a huge cup and handle pattern, a bullish formation. Historically, this pattern precedes consolidation before an ensuing breakout. The target to move to, as shown in the chart, is the $2.93 level.
At the moment, <a href="https://u.today/ancient-dogecoin-whale-returns-after-104-years-what-did-they-do-next" rel="noopener noreferrer nofollow">DOGE</a> is trading around the $0.167 level, taking support from the 50-day exponential moving average in blue and the 200-day exponential moving average in orange, hence indicating a medium- to long-term uptrend. Some slight expansion in the Bollinger Bands signals increased volatility that could drive the price in larger moves. <img alt="DOGEUSDT" data-entity-type="file" data-entity-uuid="1baafcbd-7adc-40d1-92e6-fc1a0a51da46" src="https://u.today/sites/default/files/inline-images/image_812.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">Dogecoin/USDT Chart by TradingView</a>
Over the last 24 hours, 1.77K large transactions were registered, carrying circa $11.4 billion worth of DOGE. This increased activity among whales might indicate potential big investors positioning themselves strategically in view of a market change that could precede a great price swing.
While the analysis is bullish, a couple of factors are there that could turn that prediction on its head:
Market sentiment: General market sentiment across major cryptocurrencies is likely to play a huge part. General bearish sentiment on the market could hinder <a href="https://u.today/doge-skyrockets-100-in-whale-transactions-amid-dogecoin-etf-rumors" rel="noopener noreferrer nofollow">DOGE's</a> ability to reach such high targets.
Resistance levels: Breaking through $1 represents a psychological barrier for DOGE. To rise above this resistance level, significant purchasing power and market momentum will be needed to break above the levels listed.
Fundamental factors: Dogecoin is not the most commonly used digital asset among institutions or various entities due to the lack of an ecosystem behind it. DOGE mostly acts as a meme and community coin and does not offer utility.

Dogecoin (DOGE) to 13x? To the Moon Prediction From Glassnode Analyst

U_Today

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