DOGE Poised To Climb to $6.50 in the Next Several Weeks: Analyst

  • The cryptocurrency analyst and trader Shelby predicted that DOGE could rise to as high as $6.50 in the long term.
  • The bullish outlook comes after DOGE rebounded off of a positive trend line on its weekly chart.
  • At press time, DOGE was trading hands at $0.0713 following an 8.59% 24-hour gain.

The cryptocurrency trader and analyst Shelby predicted in an X post yesterday that the price of Dogecoin (DOGE) may soar to as high as $6.50 in the long term. His bullish outlook on the meme coin comes after DOGE bounced off of a long-term positive trend line on its weekly chart.

From a shorter-term perspective, DOGE was able to achieve a 24-hour gain, according to CoinMarketCap. At press time, the cryptocurrency market tracking website indicated that DOGE was trading hands at $0.0713 following an 8.59% uptick in its value throughout the past day of trading. This pushed its weekly performance deeper into the green zone to +22.54% as well.

Interestingly, DOGE’s performance over the past 24 hours made it the best-performing cryptocurrency in the top 10 list during this period. The next best performer, according to CoinMarketCap data, was Solana (SOL), with its 5.79% increase in price.

Daily chart chart for DOGE/USDT (Source: TradingView)

From a technical standpoint, DOGE was attempting to overcome the $0.07195 resistance level at press time. It was able to break above this price point earlier in today’s trading session to reach a high of $0.07292. Since reaching this peak, it had retraced to trade back below this significant price point.

Should DOGE close today’s daily candle above $0.07195, then it may have the foundation needed to continue climbing in the next 24-48 hours. This could result in DOGE rising to as high as $0.07885.

However, a daily candle close below $0.07195 today could invalidate this bullish thesis. In this scenario, DOGE may be at risk of retracing to the immediate support at $0.06450. Thereafter, the cryptocurrency’s price could drop to as low as $0.05835 within the following week if the potential sell pressure persists.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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