Dogecoin is currently trading at $0.166, down over 3% in the past 24 hours. Over the past week, DOGE has declined by 6.8%.
As per a CCN analysis, Dogecoin’s funding rate has turned negative which means that traders are betting against it. The Network Value to Transaction (NVT) ratio is also high, which shows there is more speculation than real use. If the interest does not increase, then DOGE could fall to $0.10 unless it breaks through $0.18.
Analysts Bullish Over DOGE
However, analysts see strong growth for the memecoin. Dogecoin’s previous all-time high of $0.73 was in May 2021. Analysts predict that if it manages to break its ATH, it could even aim for $1.
Analyst Ali Martinez recently shared that DOGE is testing a key support level at $0.167. If it manages to hold above this level, then it could rebound to $0.175 and even rally up to $0.183.
A new weekly chart by analyst GreenCrypto on TradingView shows that Dogecoin is forming an Ascending Wedge pattern, which is a sign of a long-term upward trend since 2023. If the pattern continues, Doge could break out and register a new all-time high of $1.161 with 582% gain.
He has also warned that if it drops below the key support level at $0.177, then price could further see downward movement.
DOGE Rally Could Trigger Altseason
According to analyst Cas Abbé, for the next altseason to kick off, DOGE needs to pump. He said that since 2017, DOGE rallies have often signaled the start of altcoin season.
Now, to trigger the next rally, DOGE needs to break above $0.22, which could overlap with the upcoming altseason. Also, whale wallets have accumulated over 100 million DOGE in the past week which further increase the chances of a price rise.
With the altcoin season fast approaching, these indicators hint that the memecoin is all set for a powerful pump.
