Dogecoin Price Recovers: Can It Reach $18 In The Next Bull Cycle?

• Dogecoin price saw a sharp recovery from the oversold zone, surged 40% in the last three weeks.
• Analysts predict a short-term target of $3 and a long-term target of $18 for Dogecoin.

The Dogecoin price has been in an uptrend for the past few weeks and performed pretty well in the crypto market. Amidst the bullish market sentiment, Dogecoin’s momentum could lead to further growth, but traders are keeping a close eye on it.

When writing, the Dogecoin (DOGE) price traded at $0.3918, noting a drop of over 3.90% in the intraday session. Its market capitalization stood at $57.66 Billion, and it ranked 7th among the top cryptocurrencies.

Dogecoin’s Path to $10: Analysts’ Insights

The Dogecoin price has shown a significant upsurge over the past few weeks and reversed its trajectory. Currently, it appears bullish and reflects a series of higher highs. A recent tweet by Trader Tardigrade stated that the DOGE price recouped from the oversold zone and was heading to the overbought zone.

The past data shows that any bounce from the oversold zone drives Dogecoin to the overbought zone, showing that demand and buying pressure have increased.

Analysts have forecasted that the Dogecoin price could be traded in the $8-$10 range in the current cycle.

This potential price increase is also supported by the rest of the crypto market space, as there has been an increase in confidence for meme coins.

There are higher expectations in the market that Dogecoin will have a parabolic move as the attitude in the market becomes so bullish. However, as has already been mentioned, experts point out that corrections and consolidations can happen before DOGE reaches the base levels.

Likewise, Crypto Analyst Ali Martinez guides an aggressive bullish stance on Dogecoin. He said that the ideal level for buying Dogecoin was at $0.40-$0.30. While the short-term target remains around $3, and the long-term target is $18.

The Rising Whale Activity Boosts Long-Term Confidence in Dogecoin

With recent occurrences in Dogecoin, the concern with large investors’ actions has shifted again. One of the largest activities comprised the movement of 870 thousand worth of DOGE by a dormant whale. It was a wallet that had not been active for over 11 years, but it yielded a 64,249% ROI.

In addition, Whales have been observed to be increasing their holdings of DOGE in the period when its price is low. The information shows that in the last month, whales have bought at least 550 million DOGE.

Dogecoin Price Prediction: Is a Bounce Toward $0.5000 Imminent?

The Dogecoin price action indicates that DOGE has faced significant profit booking over the weekend and dragged to the 20-day EMA mark support zone. However, the uptrend was intact, and a bounce can be anticipated in the upcoming sessions.

Going forward, the Open Interest (OI) has dropped over 7.62% to $2.98 Billion, conveying signs of long unwinding activity over the past 24 hours.

The immediate support zones for Dogecoin were $0.3760 and $0.3500, whereas the upside hurdles were $0.4000 and $0.4320.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.