Renowned cryptocurrency analyst, Ali Martinez, recently shared an analysis on May 28 suggesting that Dogecoin (DOGE), the biggest meme cryptocurrency, has the potential to double its price in the near future. Currently, DOGE is experiencing a decline due to the broader market pullback observed today.
In his technical analysis, Martinez observed the recent price movement of Dogecoin and identified key levels that could significantly increase its value. According to Martinez, DOGE is currently facing strong resistance between the levels of US$0.166 and US$0.171. In order for the cryptocurrency to double its value, it is crucial for DOGE to overcome this barrier.
Martinez pointed out that around 75,500 addresses have acquired nearly 10 billion DOGE within the resistance zone. However, once this resistance is surpassed, DOGE has the potential to double its price, with the next significant resistance level being around $0.322.
At the time of publication, Dogecoin was trading at US$0.1638, experiencing a 5.3% decline in the last 24 hours.
In a separate analysis, another well-known cryptocurrency expert, Kaleo, expressed a positive sentiment towards Dogecoin. In his analysis shared on May 17, Kaleo highlighted the current upward movement of DOGE and stated that the cryptocurrency is “about to rip”. He emphasized that Dogecoin will always remain the “king of memes”.
Please note that the views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.