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Dogecoin Up 115% In A Month And 'Could Hit $1 By Mid-April,' Says Crypto Analyst Ali Martinez

Published 11/03/2024, 12:53
Updated 11/03/2024, 14:10
© Reuters. Dogecoin Up 115% In A Month And 'Could Hit $1 By Mid-April,' Says Crypto Analyst Ali Martinez
DOGE/USD
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Benzinga - Dogecoin (CRYPTO: DOGE) is approaching a key resistance level of $0.18, with one analyst forecasting bullish momentum to $1 in a month.

What Happened: Dogecoin is up 1.5% over the last 24 hours, pushing its monthly gains to 115%.

While lagging the gains of Shiba Inu (CRYPTO: SHIB) (+261%), Floki Inu (CRYPTO: FLOKI) (+780%) and Dogwifhat (CRYPTO: WIF) (+580%), Dogecoin is showing positive momentum.

A heavily followed Dogecoin channel suggests that if the meme coin manages to close above $0.18 it will complete Wave 5, which could signal a significant bullish move towards $0.25.

Crypto chart analyst Ali Martinez has predicted a bullish trajectory for Dogecoin, comparing its current chart patterns to historical trends. Martinez sees similarities between the current patterns and those seen in 2019-2021 and 2015-2017, both of which led to significant price spikes for Dogecoin.

Also Read: Dogecoin Wallet Dormant For 10 Years Makes A Surprising Move— What's Going On?

Why It Matters: Data from IntoTheBlock shows a high price correlation between Dogecoin and Bitcoin, with a correlation coefficient of 0.98. This suggests that as Bitcoin experiences bullish momentum, Dogecoin is likely to follow suit. With Bitcoin's price rallying towards $72,000 and anticipation of a bull run due to the Halving event, Dogecoin could see new highs.

Recent data indicates a higher total exchange inflow of $234.7 million, compared to outflows of $186.2 million in the past seven days. This suggests growing interest from traders and investors, which could drive further bullish momentum for Dogecoin.

BitInfoCharts data shows that wallets holding between 1 million to 10 million DOGE each account for a total of 10.13 billion DOGE as of March 9, 2024, compared to 9.6 billion a year ago.

Despite no recent tweets from Elon Musk promoting Dogecoin, the meme coin continues to perform well. This resilience is seen as a positive sign for Dogecoin's future, as it indicates strong community support and market confidence.

Read Next: How Dogecoin, Shiba Inu Plan To Fight Off The Challenge Of Bonk, Dogwifhat

Image: BBbirdZ/Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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