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- Market analysts’ opinions on Dogecoin’s future remain divided. While some express optimism, others, like Pav Hundal from Swyftx, approach the situation with caution.
- Kevin, known as OG_Yomi on X, remains bullish on DOGE’s outlook, pointing out its consolidation pattern and historical performance relative to Bitcoin.
While Dogecoin (DOGE) has been a late participant in the meme coin rally this year in 2024. However, market analysts continue to remain optimistic and hopeful for the DOGE price rally all the way to $1. A $1 price target would mark a 36% surge from Dogecoin’s all-time high of $0.73 in May 2021 and a 525% rise from its current value of $0.16.
In the past week, DOGE recorded a modest gain of 2.58%, contrasting with the more substantial growth seen in other leading memecoins. Among them, PEPE surged by 43%, Shiba Inu rose by 17.42%, and Dogwifhat (WIF) gained 14.43%.
As we know, the Dogecoin (DOGE) performance has always been cyclical in nature. However, market analysts noted that the rising popularity of other meme coins doesn’t mean a negative sentiment for DOGE. But on the other hand, some market analysts also remain skeptical.
Pav Hundal, the lead analyst at the Australian crypto exchange Swyftx, expressed a more cautious stance, noting that while DOGE boasts a large user community, sudden price surges could trigger substantial selling from long-term holders.
Hundal explained to Cointelegraph that the decision-making of the millions of small investors who purchased DOGE in 2021 and are currently facing unrealized losses will play a crucial role. Thus, it remains uncertain whether the price will reach one dollar before a potential sell-off occurs.
Hundal also pointed out that Dogecoin is not experiencing the same level of liquidity as it did in the previous cycle. In the derivatives market alone, it has witnessed a 56% decrease in Open Interest (OI) since the start of April.
A Bullish Take on Dogecoin (DOGE) and Bitcoin Outperformance
Kevin, previously known as OG_Yomi on X, shared his analysis of the Dogecoin versus BTC chart on Tuesday. He noted that Dogecoin is presently consolidating within the golden pocket and remains above all bullish market upward trending moving averages (MA’s). Kevin expressed optimism regarding Dogecoin’s potential to surpass Bitcoin’s performance if it can sustain its current position, per the Crypto News Flash report.
It’s worth mentioning that Dogecoin has already surpassed Bitcoin in terms of year-to-date gains. The meme coin has delivered gains of 82.8% so far in 2024, while Bitcoin has yielded a return of 57.5% during the same period.
If we take a close look at the #Dogecoin vs #BTC chart we're currently consolidating in the golden pocket while sitting above all bull market up trending MA's. This is a very good sign if we can hold it in terms of seeing #DOGE out performing BTC from here on out. Send this dog… pic.twitter.com/Nvd2LBzETu
— Kevin (@Kev_Capital_TA) April 24, 2024
According to crypto analyst Ali Martinez, Dogecoin is exhibiting its characteristic pattern once more! DOGE is presently consolidating following a breakout from a descending triangle. Drawing from historical trends, there’s a possibility that DOGE could surge towards $1 in the weeks ahead!
#Dogecoin is showing its classic pattern once again! $DOGE is currently consolidating after breaking out from a descending triangle.
Based on past trends, we might just see #DOGE rocket towards $1 in the coming weeks! pic.twitter.com/dEWeVWLIHR
— Ali (@ali_charts) April 21, 2024