Dogecoin (DOGE) has been one of the main beneficiaries of the cryptocurrency market rebound, showing explosive moves, rising more than 160% in less than a week.
DOGE is up 107% in the past week after adding $30 billion to its market capitalization in one day.
As DOGE gains momentum, traders and analysts in the space are keeping an eye on the top memecoin’s next move, focusing on the psychological $1 level.
Kaleo, a pseudonymous cryptocurrency trader, told his 656,000 followers on social media platform
“The general PA (price action) here makes sense to me.
It cuts through meme resistance (0.42069) for a while, then moves down into the 20s/low 30s, chasing off late buyers and fomo (fear of missing out) top buyers, and then continues to rip.”
Ultimately, Kaleo sees DOGE reaching $1, a current rally of around 170%.
“The $1.00 Roadmap.”
Legendary commodities trader Peter Brandt accurately called DOGE’s breakout from an inverse head and shoulders (H&S) following its recent break out of the channel. Brandt said a breakout of the all-time high (above $0.73) is imminent.
“We trust Musk
DOGE confirms channel breakout with large base price accumulation and new ATH.”
Other veteran traders, such as the widely followed Bluntz, also called for $1 DOGE, saying the critical dollar level “is not the meme you think it is.”
Some analysts are unconvinced about DOGE. Pseudonym trader Donalt recently warned his 595,000 followers on X that Dogecoin was an “old coin” unlikely to attract the attention of new retail market participants.
As of this writing, DOGE is trading at $0.37.
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