Emily Walker
Dogecoin’s value has recently fallen by 10% after having surged more than 70% in just a week. Nevertheless, crypto expert Ali Martinez asserts that the Dogecoin surge is far from finished, providing reasons for his optimism.
Reasons for Continuing Dogecoin Surge
In a post on X, Ali Martinez pointed out that when the Market Value to Realized Value (MVRV) surpasses 78%, it typically indicates a peak for Dogecoin’s price. He added that the latest dip has brought the MVRV down to 45.65%, suggesting that there is still potential for the popular meme coin to climb even higher.
Earlier, the analyst also indicated that the Dogecoin rally is ongoing, predicting that DOGE could potentially reach $2.40 and possibly even $18 if it tests the boundaries of its price channel.
Master Kenobi, who accurately forecasted the beginning of Dogecoin’s bull run, echoed the sentiment that the rally is still alive. He anticipates that DOGE will fluctuate between $0.33 and $0.40 for some time before approaching its all-time high (ATH) of $0.73, with this phase expected to last about two weeks before attempting to break its previous ATH.
In a recent update, Master Kenobi expressed his preference for a brief pause in the Dogecoin rally to verify patterns seen in earlier cycles. He stated that this would be beneficial for aligning with market trends, after which Dogecoin could easily reach the $1 mark. He had previously indicated that $1 wouldn’t be the ultimate ceiling for Dogecoin, suggesting a potential surge to $2 or more.
Potential Price Corrections for DOGE
Kevin Capital, a recognized DOGE analyst on X, forecasts that Dogecoin could experience a drop to between $0.26 and $0.28 before making its next upward move that would surpass its current ATH. He noted that the daily Relative Strength Index (RSI) has reached 94 again along with hitting the 0.786 Fibonacci level, making such corrections likely in the near future.
He also mentioned that if Bitcoin rises to the $94,000 to $95,000 range shortly, Dogecoin could see an upsurge. However, he still anticipates a substantial correction prior to a potential rise, emphasizing that the RSI needs significant cooling off.
As of now, Dogecoin is trading around $0.36, reflecting over a 10% drop in the past day, based on CoinMarketCap’s data.