June 16, 2024

After a few weeks of high volatility in the price of Dogecoin, there has been a renewed positive sentiment. The giant meme coin printed series of red candles from December 10 – January 06. But, following the ETF approval, the coin seems to be changing direction, moving upward. 

Based on its recent movement, famous crypto analyst Ali Martinez made a bullish projection for DOGE.

Dogecoin Price Today

Despite trying to go up well last week, Dogecoin is not doing as expected today, January 16, 2024. Its price is $0.817, showing a slight increase of almost 1%.

Even though it’s not growing fast today, Dogecoin has increased by more than 4% in the past week.

This is good to hear, especially as the broader crypto market is recovering. Also, DOGE’s trading volume in the last 24 hours has increased by over 19%. Right now, it’s at $299 Million, showing that more people are buying and selling Dogecoin.

Looking at the chart, Dogecoin went above $0.90 before dropping below $0.081 on January 08. Since then, there has been a tug-of-war between the bulls and bears.

Though Dogecoin is volatile now, analyst Ali Martinez is bullish.

Why Does Ali Martinez Believe Dogecoin Might Hit $0.1?

Famous crypto analyst Ali Martinez recently showed bullish signals for Dogecoin. He highlighted a ‘buy’ indicator on Dogecoin’s TD Sequential chart.

The analyst believes Dogecoin can rebound to 10 cents ($0.10) or more if the current support around $0.074 holds. 

Chartier states Bot DOGE has a nearby resistance of around $0.088. Breaking above that barrier could propel Dogecoin up 45-50% based on the World of Charts forecast. 

This analysis is more upside than Martinez’s prediction as it predicts $0.1276 or higher following a breakout. So, analysts broadly agree Dogecoin appears positioned for renewed upside if key levels hold. Also, Elon Musk may act as the catalyst.

In a recent interview, Musk reaffirmed his commitment to Dogecoin, stating he still holds a significant amount.

Musk said.

 I still own a bunch of Dogecoin, and SpaceX owns a bunch of Bitcoin,

Given Musk’s immense influence, this vote of confidence could certainly ignite the Dogecoin community. In 2021, Musk’s tweets preceded Dogecoin’s historic run-up to 73 cents.

His vocal support helped drive hype and adoption among retailers. If Musk makes Dogecoin’s fans happy again, there’s a possibility that Dogecoin’s price may go up. 

Analyzing Dogecoin’s Potential Recovery

Dogecoin is approaching its Bollinger Bands indicator’s simple moving average line. For weeks, Dogecoin remained stuck in a downtrend, printing lower lows and highs.

But just last week, its momentum shifted upwards. This change signals buyers are returning to push Dogecoin off recent lows.

Momentum indicators also look promising. Dogecoin’s RSI has risen from oversold levels below 30 up to 46 currently. This rapid RSI ascent reflects strengthening positive momentum aligning with the recent upward price trajectory. 

If Dogecoin can sustain its momentum and reclaim its SMA line convincingly, it would confirm the new uptrend is solidifying. Additional resistance waits around $0.087. Exceeding this critical zone would mark a definitive trend change.

However, traders should be cautious until Dogecoin breaks back above key moving averages. Dogecoin must show that its improvement is for the long run and not just a temporary increase. 

Importantly, it must keep making higher highs and lows to confirm its upward trend. If buyers stay persistent, Dogecoin could continue its path back up the charts.

Dogecoin Alternative to Consider – Sponge V2

SPONGE V2

>>>Visit Sponge V2 Presale<<<

Despite DOGE being highly volatile, there’s an opportunity for investors to explore. This opportunity is a new project known as Sponge V2, which is currently in presale. Given the historical performance of meme projects, this coin has the potential to yield insane rewards. But that’s for people who take the opportunity now.

The project has generated huge excitement in the crypto space. It is associated with Sponge coin, which saw an impressive 50x return

Consequently, there is a heightened interest in not missing out on the potential success of this next ample opportunity.

$SPONGEV2 Introduces Play-to-Earn, Offering Token Rewards for Investors

$SPONGEV2 makes things even better by adding a new way to earn without stress. The exciting part is that you earn money while having fun. Investors can now enjoy and earn tokens simultaneously.

If you already have $SPONGE, stake it in the V2 pool to secure a share in the upcoming launch.

The staking feature gives an excellent opportunity for the long term as staked tokens offer a high yearly percentage gain for the next four years. This added benefit for SPONGE token holders and the stake-to-bridge option makes it attractive for new investors.

If you have the original V1 token, you can move to Sponge V2 using a bridging method. More than 5.1 billion V1 tokens are already staked, earning an impressive 323% yearly. 

The project keeps everyone updated through social media like X and Telegram, though the exact date of the bridging event is still unknown.

If you don’t have V1 tokens, you can buy them and stake them in the bridge contract to get involved in $SPONGEV2. If interested, visit the official site and purchase the token with USDT, ETH, or a card.


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