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Is Dogecoin worth it? Analysts predict strong growth for DOGE in the short term

Fast Take
  • High-value transactions indicate institutional interest in DOGE.
  • Optimistic expectations for the real Dogecoin rally in 2024.
Technical Analysis Points to High Price of Dogecoin (DOGE)
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The cryptocurrency scene Dogecoin (DOGE), the popular meme-inspired cryptocurrency, appears to be gearing up for a significant surge in value.

According to Ali Martinez, a cryptocurrency analyst with an impressive following, Dogecoin has shown notable signs of growth, capturing the attention of institutional investors and major market players.

Martinez, who shared his analysis with more than 33.200 followers on a well-known social media platform, pointed out a substantial increase in DOGE transactions exceeding $100.000 in the last month. “There has been a notable increase in DOGE transactions exceeding $100.000 over the past month, consistently reaching new highs. This increase suggests greater interest in DOGE from institutional players and whales, potentially preparing for a significant price increase,” said Martinez.

This optimism is also shared by Kaleo, another influential strategist in the world of cryptocurrencies. Kaleo predicts that Dogecoin could reach around $0,15 in the near future. “Sometime in the next few weeks, Dogecoin finally starts to move. When DOGE starts to rise, it usually moves very quickly,” said Kaleo. He expresses a short-term view, anticipating a rise to around 9 to 10 cents, followed by another jump to approximately $0,15.

Furthermore, Kaleo believes the “real” DOGE rally will occur in 2024. “I wouldn't be surprised to see a daily from here to somewhere in the 9-10 cent range, cut a little there, then another daily to ~$0,15, 1. It will be a quick move...maybe it will go up a little more from there, but as much as I would love for it to get to $550+, I honestly don't see it going above twenty cents this high. I'm just looking for a touch of HTF (high time frame) resistance in the BTC pair around 20 [satoshis] (where I'm getting XNUMX cents worth depending on what the Bitcoin price). I don’t think the real DOGE rally will start until the end of 2024, but that doesn’t mean we can’t have fun before then.”

Read also   Falling, Bitcoin holdings on Coinbase record lowest level in the last nine years

Martinez and Kaleo's comments reflect growing confidence in Dogecoin's potential, especially considering the interest from large investors and the upward trend in its high-value transactions. This news comes at a crucial time for Dogecoin, reinforcing its position as a digital asset of growing interest in the volatile cryptocurrency market.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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