Dogecoin (DOGE) is in the middle of an explosive move, running more than 160% in less than a week as one of the main beneficiaries of the bounce in crypto markets.
DOGE is up 107% in the last week after adding $30 billion to its market cap in one day.
With DOGE gaining momentum, traders and analysts in the space are eyeing the top memecoin’s next move, focusing on the psychological $1 level.
Pseudonymous crypto trader Kaleo tells his 656,000 followers on the social media platform X that DOGE is now due for some chop and then a “flush” down, potentially below the $0.30 level before continuing higher.
“General PA (price action) here makes sense to me.
Chop under meme resistance (0.42069) for a minute, have one flush back down to high 20s / low 30s to shake out late longs and fomo (fear of missing out) top buyers, then continue to rip.”
Ultimately, Kaleo sees DOGE reaching the $1 mark, currently about a 170% rally.
“Roadmap to $1.00.”
Legendary commodities trader Peter Brandt recently accurately called DOGE’s breakout from an inverse head and shoulders (H&S) after breaking out of a channel. Brandt says a break of all-time highs – above $0.73 – is imminent.
“In Musk we Trust
DOGE confirms channel breakout with massive underlying price accumulation and new ATHs around the corner.”
Other veteran traders like the widely followed Bluntz have also called for $1 DOGE, saying that the crucial dollar level is “not the meme you think it is.”
Some analysts aren’t as confident in DOGE. Pseudonymous trader Donalt recently addressed his 595,000 followers on X warning that Dogecoin was a “coin of old” not likely to gain the attention of new retail market participants.
At time of writing, DOGE is trading at $0.37.
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Generated Image: Midjourney
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