Dogecoin (DOGE) enthusiasts and investors are on the edge of their seats as prominent crypto analysts predict an imminent breakout for the popular meme coin. Pseudonymous analyst Kaleo’s recent comments about the meme coin’s promising trajectory have stoked a sense of anticipation within the crypto community.
Kaleo’s claim that Dogecoin – which calls its USD price chart “beautiful” – could soon see a surge on par with other booming altcoins on the market has drawn renewed attention to the coin’s potential for substantial growth.
Kaleo’s optimism comes from the encouraging trends in the altcoin market, which indicate a possible outflow from the current trading range for Dogecoin.
Taking a confident look at the USD chart, Kaleo highlights the possibility of a consolidation phase preceding a significant upside for the popular cryptocurrency. This projection has sparked heated discussions and debates among investors, with many eagerly awaiting the speculated breakthrough.
But honestly: look how beautiful the USD chart is.
Given the way alts are taking off, I find it hard to believe that Dogecoin won’t see a decline from its current range.
Long with me here: https://t.co/32dHnZIFxS pic.twitter.com/cEvgKIQyJt
— KALEO (@CryptoKaleo) November 6, 2023
DOGE draws attention
Adding to the growing expectation, esteemed crypto analyst Ali Martinez has also expressed support for bullish sentiment around the future of Dogecoin. Martinez, in a recent tweet on social media platform
#Dogecoin navigates a tight area, sandwiched by two crucial supply walls.
📉 Support Wall: $0.072-$0.073, with 200,000 addresses with 28.6 billion $DOGE.
📈 Resistance Wall: ranging from $0.074 – $0.076, with 124,000 addresses containing 26.95 billion #DOGE.Please note that support is greater than… pic.twitter.com/O5FRIJ1SIl
— Ali (@ali_charts) November 8, 2023
Martinez highlights the presence of vital supply walls that encompass DOGE’s current position and underlines the crucial role of a support wall and a resistance wall in shaping the currency’s immediate market behavior.
While investors are keeping a close eye on developments, the current price of Dogecoin is $0.075, according to this report Coin gecko. Notably, the cryptocurrency has seen a modest gain of 1.3% over the past 24 hours, further fueling optimism around the potential breakout.
DOGE market cap currently at $10.7 billion. Chart: TradingView.com
Over the past seven days, Dogecoin has witnessed a remarkable rally of 8.4%, indicating a gradual but promising uptrend that has captured the attention of market participants and analysts alike.
Factors Propelling Dogecoin’s Potential Wave
Despite recent market fluctuations and the general uncertainty surrounding the cryptocurrency landscape, Dogecoin has managed to solidify its position as a prominent player in the digital currency market. The upcoming potential breakout for DOGE is supported by several key factors that have built confidence in the minds of analysts and investors alike.
The evolving trend of altcoins making significant progress in the market has created a favorable backdrop for Dogecoin’s expected rise. While other digital assets continue to turn heads and post substantial gains, overall market sentiment appears to be conducive to DOGE’s upward move.
This growing momentum within the altcoin sector has created an optimistic atmosphere, with analysts expecting DOGE to capitalize on this trend to propel its own growth trajectory.
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Featured image by Kevin_Y/Pixabay
