Dogecoin Surge Ahead: Analyst Predicts $0.70 Target Amid $0.36 Breakout

Dogecoin (DOGE) is expected to break out above the $0.36 level, which could lead to a new price target at $0.70. Analyst Ali Martinez predicts that once the key resistance level is cleared, DOGE will only be a step away from crossing its all-time high of $0.7376 achieved on May 8, 2021. The crypto market's mixed price actions raise concerns about whether DOGE's current momentum can sustain a push toward $0.70.

Dogecoin (DOGE) is poised to break out above the $0.36 level, according to lead crypto analyst Ali Martinez. The analyst predicts that once this key resistance level is cleared, DOGE will only be a step away from crossing its all-time high of $0.7376, achieved on May 8, 2021. This prediction is based on a golden cross between the 20/200-day moving averages, which indicates a long-term bullish trend [1].

Despite the recent pullback, Dogecoin's price is showing signs of recovery. The price is down 1.32% in the past 24 hours, trading at around $0.22 at the time of writing on Monday, August 11. This drop can be attributed to the release of 95.49 million DOGE, worth roughly $22.09 million, into circulation via scheduled linear unlocks [1]. Additionally, the broader market saw $136 million in liquidations on the same day, with DOGE's high turnover ratio of 7.37% suggesting a lack of liquidity [1].

However, technical indicators are pointing to continued buying pressure. The moving average/convergence divergence (MACD) indicator has flipped into positive territory, and the relative strength (RSI) is approaching 67, suggesting that bullish predictions such as Martinez's are not unfounded [1].

While the crypto market's mixed price actions raise concerns about whether DOGE's current momentum can sustain a push toward $0.70, the meme coin still appears to have room for growth. Investors should keep an eye on the price action and technical indicators to make informed decisions.

References:
[1] https://finbold.com/heres-when-dogecoin-will-reach-0-70-according-to-analyst/
[2] https://99bitcoins.com/cryptocurrency/next-crypto-to-hit-1-dollar/