Dogecoin (DOGE) continues to attract attention in the cryptocurrency market, displaying significant price fluctuations. This article explores current trends and expert predictions.
Current State of Dogecoin
Currently, Dogecoin is trading at $0.166, which is down 3% from the previous 24 hours, and has decreased by 6.8% over the past week. A report by CCN indicates that Dogecoin's funding rate has turned negative, suggesting a predominance of bearish positions among investors. The high Network Value to Transactions (NVT) record also indicates that speculation prevails over genuine usage.
Expert Analysis
Some analysts suggest that Dogecoin may be poised for potential growth. The all-time high recorded in May 2021 was $0.73. Cryptocurrency analyst Ali Martinez notes that Dogecoin is currently testing a critical support level at $0.167. If the price holds above this level, there may be strong movement towards $0.175 and $0.183. Analyst GreenCrypto on TradingView also observed that DOGE has formed a 'Rising Wedge' pattern on the weekly chart, serving as an indicator of long-term growth since the start of 2023.
Impact on Altcoin Market
Analyst Cas Abbe believes a rally led by Dogecoin could trigger the long-awaited altcoin season. He points out that significant surges in Dogecoin since 2017 have often marked the onset of altcoin seasons. He indicates that for a new bullish trend in the altcoin market to begin, DOGE needs to surpass the $0.22 mark. Moreover, the accumulation of over 100 million DOGE coins by major investors signals a potential price increase.
Despite current price fluctuations, analysts' forecasts regarding Dogecoin remain optimistic. Their observations may indicate a possible recovery trend that could activate the altcoin market.
