A closely followed analyst says that the dog-themed meme asset Dogecoin (DOGE) is setting up the stage for a massive surge to the upside.
In a new strategy session, crypto trader Ali Martinez tells his 33,200 followers on the social media platform X that the Shiba Inu (SHIB) rival’s surge of transactions exceeding $100,000 during the last month suggests interest from blue-chip investors.
“There’s a notable surge in DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs. This uptick suggests increased interest in DOGE from institutional players and whales, potentially gearing up for a significant price spike.”
Fellow crypto strategist Kaleo is also expressing bullish sentiment toward Dogecoin, saying that the memecoin will have a huge rally in the next week or two that will see it shoot up to around the $0.15 mark.
He goes on to say that he believes the “real” DOGE rally will spark sometime in 2024.
“Sometime in the next week or two, Dogecoin finally starts to move. When DOGE starts moving higher, it usually moves pretty fast.
I wouldn’t be surprised to see a daily from here to somewhere in the 9-10 cents range, chop there for a bit, then another daily to ~$0.15. It’ll be a fast move… maybe churn a bit higher from there, but as much as I’d love for it to go to $1+, I honestly don’t see it getting too much past twenty cents on this rally.
I’m just looking for a touch of HTF (high time frame) resistance on the BTC pair around 550 [satoshis] (where I’m getting the 20 cents figure depending on what the price of Bitcoin is). I don’t think the real DOGE rally starts until later in 2024, but that doesn’t mean we can’t have some fun before then.”
Dogecoin is trading for $0.075 at time of writing, a 1.5% increase on the day.
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The post Shiba Inu Rival Dogecoin Gearing Up for a ‘Significant Price Spike’, Says Crypto Analyst – Here’s Why appeared first on The Daily Hodl.
