Key Takeaways
- DOGE’s price faces resistance around $0.22; a breakout could see the price rally to $0.7 and above.
- Crypto experts suggest that DOGE’s current price action mimics the previous bull market rally of 2021.
- If the price of DOGE mimics the supercycle trend, we could see a strong rally above $1.
The idea of Dogecoin (DOGE) is beginning to gain traction among crypto experts again following recent market price action. A metric on the DOGE ecosystem is beginning to indicate a similar price action that ignited a rally for DOGE from a region of $0.1 to a high of $0.73, as the price of DOGE failed to hit $1.
The price of DOGE currently trades around $0.22. It has fallen short of its high of $0.48, as the price fell by over 50%. However, the current price action shows strong potential for a renewed rally, as the price could attempt to hit a target of $1.
Top crypto experts and analysts have shared thoughts and expectations as on-chain metrics for Dogecoin point to an imminent price rally for whales buying into DOGE tokens. If its parabolic move is activated, where would the price be headed?
Whale Activities Could Fuel Price Rally
According to on-chain data from Santiment, Ali Martinez, a top crypto expert and analyst, has identified a strong influx of activity in the Dogecoin ecosystem. Whales have made over one billion purchases of DOGE in the last month, and a key breakout above $0.25 could see DOGE rally toward a high of $1 and above.
According to Ali Martinez, the price of DOGE currently faces minor resistance, around $0.22. A breakout from this region could see a strong price rally to the upside of $0.5 to $0.74 as the price would experience a strong price rally to the upside.
TATrader_Alan, in his X post, identified DOGE as currently forming a supercycle similar to its rally in 2017. The price of DOGE could begin a strong rally above $1, with the potential rally to be extended by breaking above the key resistance zone.
He further stressed that he expects DOGE to replicate the past supercycle rally. If this cycle plays out as expected, there are strong chances of the price of DOGE rallying to a high of $1 and above.
The crypto market looks bullish as DOGE and other memecoin could follow the market to the upside.
