According to CryptoPotato, Dogecoin (DOGE) has seen a weekly spike of approximately 15%, nearing $0.17. Analysts are predicting a bullish trajectory for the cryptocurrency, fueled by breaking multi-year resistance and increased transaction volume. Some are even suggesting that DOGE could potentially reach $1, drawing parallels to previous price corrections followed by significant surges.
The cryptocurrency market has seen a revival in the past few days, with Bitcoin (BTC) reclaiming the $64,000 mark and Ethereum (ETH) climbing above $3,100. However, Dogecoin has witnessed even more impressive gains. The price of the biggest meme coin by market capitalization is up approximately 15% on a weekly scale, inching towards $0.17.
Analysts believe that the latest pump has established a predominantly bullish environment for DOGE, suggesting its value could rise much more substantially in the following months. One such analyst, Rekt Capital, claimed that Dogecoin has 'flipped a multi-year resistance into new support,' resulting in a 'new Macro Uptrend.' Another analyst, Crypto Catalysts, highlighted the meme coin’s increased daily transaction volume and 'reclaiming weekly level' as positive factors, suggesting that DOGE’s path to the milestone of $1 is clear.
Crypto analyst Ali Martinez also shared his views, stating that the asset’s recent retreat could be 'part of its usual behavior before massive bull runs.' He noted several occasions in the past years when the meme coin’s price dipped before soaring significantly. The first case was in 2017 when DOGE retraced by 40% before exploding by almost 1,000%. The situation repeated four years later, with the token’s valuation nosediving by 56% but later skyrocketing by a whopping 12,000%, reaching an all-time high of almost $0.70. Martinez concluded by stating that DOGE has yet again broken out of a descending triangle and is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run.