Dogecoin (DOGE) continues to captivate the crypto community, maintaining its status as a favorite among retail traders. Recently, significant activities by large investors have fueled hopes for a substantial price increase. Leading crypto analysts and current market indicators suggest that Dogecoin could potentially reach $0.37 in the short term, with the possibility of touching $1 in the long run.
Doge To Hit $0.37 by October End
In recent days, Dogecoin has experienced a remarkable upswing, with a 22% increase over the past week. The 24-hour trading volume has surged to $1.9 billion, marking a 35% jump. Currently trading around $0.14, Dogecoin has seen a 3% rise in the last 24 hours. According to recent data from Coinglass, while short-term futures traders have adopted a bearish stance, long-term traders remain optimistic, indicating a belief that DOGE’s price will soon ascend.
A noteworthy indicator of Dogecoin’s potential is the holder profitability metric, which recently reached a four-month high. Presently, 81% of all circulating DOGE is in profit, a level not witnessed since July 7, 2024. Interestingly, short-term holders (those holding for 30 days) have now exceeded long-term holders (those holding for 365 days) in terms of profit, suggesting a possible strategic shift to lock in gains.
Long-Term Potential for Dogecoin
Beyond the promising short-term outlook, analysts are also bullish about Dogecoin’s future potential. A renowned crypto trader, Crow, recently likened Dogecoin to Bitcoin, implying that it could eventually surpass the $1 threshold. This viewpoint is bolstered by significant whale activity, exemplified by a recent purchase of 155.11 million DOGE, valued at $21.65 million, through Robinhood Markets. Such substantial acquisitions reflect growing confidence in Dogecoin’s long-term potential.
Dogecoin Price Analysis
Assessing the price trends, Dogecoin has been on a bullish trajectory in recent times. The rising 50-day moving average underscores robust short-term momentum. However, some bearish sentiment persists, as the Fibonacci retracement tool suggests a potential dip to approximately $0.1322. If the upward trend persists, analysts believe Dogecoin’s price could rebound, advancing towards the $0.37 target, with key levels at $0.18, $0.23, and $0.29 over the next two weeks.
As Dogecoin continues to evolve, it remains crucial for investors and enthusiasts to stay informed about the latest market trends and indicators. Whether you’re a seasoned trader or a newcomer to the crypto scene, understanding Dogecoin’s dynamics can be instrumental in making informed decisions.
