Popular meme coin dogecoin (DOGE) has shown resilience in the market with a 2.5% price increase in the last 24 hours and is trading at $0.1607.
Analysts such as Altcoin Sherpa and Ali Martinez recently shared optimistic predictions about the future of DOGE, suggesting that it has the potential for greater gains and outperformance compared to other tokens.
What Awaits Dogecoin in 2024
Over the past months, DOGE has closely followed Bitcoin’s price movement and experienced ups and downs along with the market leader.
DOGE reached a yearly high of $0.2292 on March 28. In this context, it has strengthened its position as the 9th largest cryptocurrency by recording a growth of nearly 100% year-to-date. Despite the fluctuations, DOGE has proven its ability to recover and attract investors’ attention.
Market expert Altcoin Sherpa recently expressed optimism about DOGE’s future, stating that the coin is poised to gain strength in 2024.
Altcoin Sherpa suggested an average of $0.12 to $0.14, highlighting DOGE’s potential to outperform other tokens.
The analyst highlighted DOGE’s previous consolidation phase, which lasted almost two years, and suggested that it is poised for a significant price increase in the future. Sherpa said
DOGE looks good. I definitely feel like this will be a strong coin for 2024. I think an average of $12 to $14 would be a solid play, and that should outperform many other tokens for many reasons.
Towards $1
On the other hand, crypto analyst Ali Martinez also shared a bullish forecast for DOGE. In this context, he pointed out the recurring price patterns of the coin.
Martinez pointed out that DOGE consolidated after breaking out of the descending triangle formation. Based on historical trends, the analyst believes that DOGE has the potential to rise to $1 in the coming weeks. This would represent a staggering 700% rise in price from current levels, surpassing the cryptocurrency’s all-time high of $0.7316 reached in May 2021.
Despite Ali Martinez’s optimistic view, Dogecoin has experienced a 21% price drop in the last two weeks. In this context, it faces various resistance levels that prevent its recovery.
DOGE is facing a significant hurdle at the $0.1633 price level as shown on the DOGE/USD daily chart. This level has been acting as a barrier, limiting the upward movement for the last 10 days.
As DOGE moves towards the $0.200 mark, it may face additional resistance levels such as $0.1739, $0.1938, and $0.1998. cryptocurrency These resistance levels must be overcome before the unit can potentially retest its all-time high.
It is important to note that Bitcoin’s performance in the coming weeks will likely influence Dogecoin’s price action. Additionally, Dogecoin’s overall trajectory through the end of 2024 remains uncertain, depending on its bullish breakout potential and various market factors.
