Expert sets Dogecoin price for this market cycle, expects ‘massive breakout’

Meme cryptocurrency Dogecoin (DOGE) has weathered recent bearish sentiment as it strives to breach key resistance levels.

Indeed, Dogecoin aims to claim the $0.20 mark, and crypto trading expert Michaël van de Poppe believes investors should brace themselves for significant upside potential in the current cycle.

In an X post on May 31, Poppe projected that the token is poised for a massive breakout in the future, potentially resulting in a price surge of approximately 525% to reach the coveted $1 mark.  Notably, the $1 threshold has long been a target price for the meme cryptocurrency.

Dogecoin price analysis chart. Source: TradingView/Michael Poppe

Dogecoin’s rising whale activity

Poppe’s analysis comes amidst a flurry of activity in the Dogecoin market, with notable developments fueling growing investor interest.

In this regard, crypto analyst Ali Martinez highlighted in an X post on May 31 that DOGE whales have acquired over 700 million DOGE in the past 72 hours, amounting to approximately $112 million. 

This surge in investment from large holders indicates strong confidence in Dogecoin’s potential for future growth.

Dogecoin price analysis chart. Source: Ali_Charts

Initially, Martinez observed that DOGE had turned bearish while pointing out key levels to monitor. According to the analyst, Dogecoin faces significant resistance between $0.166 and $0.171. Breaking through this barrier could propel the price towards the resistance level of around $0.322.

#Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion $DOGE. However, once this barrier is overcome, #DOGE has the potential to double, with the next key resistance around $0.322 pic.twitter.com/p02Cks63EI

While attention is focused on the recent whale transactions involving Dogecoin, scrutiny is also directed toward the coin’s proponents, particularly Tesla (NASDAQ: TSLA) CEO Elon Musk. 

Notably, the spike in Dogecoin whale transactions coincided with reports suggesting Musk was advising presidential candidate Donald Trump on cryptocurrencies.

However, contrary to these reports, Musk stated that he and the former president have never discussed crypto policy.

“Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do,” Musk remarked.

Dogecoin price analysis

By press time, Dogecoin was trading at $0.16, reflecting a correction of over 1% in the last 24 hours. On the weekly chart, the meme coin is down by 4%.

Dogecoin seven-day price chart. Source: Finbold

Despite this short-term price correction, Dogecoin’s technical indicators are predominantly bullish. One-day gauges from TradingView summarize a ‘buy’ sentiment at 11, consistent with the sentiment reflected in moving averages, which gauge at 9. On the other hand, oscillators for the coin are ‘neutral’ at 8.

Bitcoin technical analysis. Source: TradingView

As things stand, DOGE has a considerable journey ahead to reach the $1 mark. Given that the two assets have historically traded in tandem, achieving this milestone will likely require substantial support from Bitcoin.

Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.