When Can Dogecoin (DOGE) Price Double? Analysts intervene

TL;DR

Dogecoin price rises 10% in two weeks. Analysts see potential for further gains if it breaks the resistance at a certain level. Some key indicators, such as the RSI ratio, suggest near-term rally potential. Is DOGE ready to fly?

The largest meme coin in terms of market cap, Dogecoin, remains one of the hottest topics in the cryptocurrency industry due to the substantial number of DOGE investors. Its price is currently at the $0.165 mark (according to CoinGecko data), a 10% increase on a two-week scale.

Price DOGE, Source: CoinGecko

Several analysts believe that the bullish trend could continue if important price levels are broken. A person who shares this thesis is user X, Ali Martínez. He stated that DOGE faces “significant resistance” between $0.166 and $0.171, where 75,000 addresses have accumulated approximately 10 billion in assets.

“However, once this barrier is cleared, DOGE has the potential to double, with the next key resistance around $0.322,” he surmised.

Dogecoin crossed the aforementioned zone a few days ago, and it will be interesting to see if it can do so again in the following days.

The Crypto Dog and Nebraskangooner also gave their two cents to DOGE. The former acknowledged that the meme currency is “slow and boring” compared to the cryptocurrencies that have emerged recently, but maintained that it still has a chance to shine.

“Should be an exciting few days ahead and think it will outperform Bitcoin,” the analyst predicted.

Nebraskangooner was also bullish, predicting “meme bomb action soon” as long as DOGE stays above the main resistance zone at around $0.16.

What signals about an incoming rally?

An important metric that indicates whether DOGE could experience a short-term price increase is the net exchange flow. Outflows have exceeded inflows in the last 24 hours (according to IntoTheBlock), showing a shift from centralized platforms to self-custodial methods. This is considered bullish as it reduces immediate selling pressure.

Another indicator worth watching is the DOGE Relative Strength Index (RSI). The technical analysis tool is used to measure the magnitude of recent price changes to assess overbought or oversold conditions in the market. It ranges between 0 and 100, with a ratio above 70 suggesting the asset may be ready for a pullback. The latest data shows that RSI is around 49.

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