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The largest memecoin, Dogecoin 
$0.223361 (DOGE), continues to stir activity in the cryptocurrency market. Within the past 24 hours, DOGE experienced a 3% decrease, now trading at $0.166, and has depreciated by 6.8% on a weekly basis. A report by the cryptocurrency analysis company CCN indicates that Dogecoin’s funding rate has turned negative, suggesting that investors are taking bearish positions. The high Network Value to Transactions (NVT) ratio further reveals speculation prevailing over genuine usage. Analysts warn that if short-term investor interest does not increase, Dogecoin’s price could fall to $0.10. However, surpassing the $0.18 mark could signal the beginning of a significant recovery.
Analysts’ Observations and Insights on Dogecoin
Certain analysts believe DOGE is poised for a potential upward trend. The all-time high for Dogecoin was recorded at $0.73 in May 2021, and analysts suggest that breaking this level could set a new target of $1 for DOGE.
Cryptocurrency analyst Ali Martinez mentions that DOGE is currently testing the critical support level of $0.167. According to Martinez, if the price holds above this threshold, there could be a strong movement first towards $0.175, followed by $0.183.
GreenCrypto, an analyst sharing insights on TradingView, noted that DOGE has formed a “Rising Wedge” pattern on the weekly chart. This formation is assessed as an indicator of a long-term upward trend since 2023. If completed, the memecoin could potentially surge by 582%, reaching $1.161. However, the analyst warns of further declines if the price dips below the $0.177 support.
A Potential Dogecoin Rally Could Trigger Altcoin Season
Cryptocurrency analyst Cas Abbe believes a rally led by Dogecoin could trigger the long-awaited altcoin season. According to Abbe, significant surges in Dogecoin since 2017 have often marked the onset of altcoin season.
The analyst states that, for a new bullish season in the altcoin market to commence, DOGE needs to surpass the $0.22 mark. Also, the accumulation of over 100 million DOGE coins by major investors (whale wallets) in the past week signals that a price increase could be imminent.
