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- Dogecoin is predicted to surge to $0.1 after institutional interest hits a different height.
- Analysts expect the asset to take a U-turn when selling pressure rejects the price at $0.8.
Dogecoin (DOGE), the 9th largest crypto by market cap is currently trading at $0.07732 after surging by 22 percent in the last three months, adding $0.014057 to its previous price. In the last 24 hours, the meme coin has surged by 1.6 percent, but down by 6.6 percent in the last seven days. Dogecoin currently looks bullish with a score of 82/100. On top of that, institutional investors are back to aggressively accumulating assets according to reports. This is evident in the recent records that the asset saw its transactions surpassing $100,000 in the last month.
A report from renowned crypto analyst Ali Martinez discloses that institutional players and large-scale investors remain bullish on Dogecoin, triggering speculations and a potential price surge. Another observation is that a substantial volume of Dogecoin is being transferred from inactive wallets. According to analysts, this development happens concurrently with the rising trend of the creation of wallets that hold over one million Doge.
More Analysis on Dogecoin
On-chain analytics firm Santiment has confirmed this movement, disclosing that several wallets have emerged in the past month.
Altcoins are back in the green today, and data indicates there has been a massive amount of older $DOGE moving out of stagnant wallets today. Keep an eye on this, as well as the fact that 121 new 1M+ #Dogecoin wallets have popped up in the past month.
The rising interest has rekindled the discussion surrounding the possibility of the asset hitting $0.01 soon. According to a price prediction platform, Dogecoin could trade at $0.115979 on average, before December 31. On a good time, the asset could go as high as $0.139175 this year. The minimum price Dogecoin could trade before the year-end is expected to be $0.092783.
The analyst expects the ongoing bullish momentum to continue when new users increase demand. According to them, bulls would have to overcome the resistance level at $0.08. Global In/Out of the Money (GIOM) data which categorizes DOGE holders based on their entry prices supports this claim. According to data, 762,860 addresses acquired the asset when it was priced at $0.080. This price point could be break-even for some investors, as a significant exit from that position could trigger a serious pullback.
If that does not happen, the asset could move into the $0.1 price zone. However, a correction to below $0.06 could invalidate this thesis. At $0.067, 457,560 addresses purchased 30.8 billion DOGE, and this could be a support level. However, the downward trend could be avoided if investors hold onto their current positions. The decision to sell at this rate could trigger a pullback.
Doge’s rival, Shiba Inu, is also bullish with a current price of $0.000008 after surging by 0.54 percent in the last three months. Shiba Inu has surged by 0.8 percent in the last 24 hours, and 11 percent in the last 30 days.
