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Dogecoin is back on the radar, with a new price prediction by Ali Martinez suggesting the biggest meme coin is heading as high "up north" as $0.45, which would mean a nearly 50% jump from the price of DOGE right now.
DOGE is at around $0.292, which is already more than 6% up from yesterday. But what really matters is that the meme cryptocurrency finally broke above the $0.27 level that was stopping rallies all summer.
DOGE is consolidating above the breakout zone before climbing toward $0.39, $0.43-$0.45. Given that Dogecoin tends to surge quickly once key resistances turn into support, and with retail demand picking up again amid brand new Dogecoin ETF launch, it seems likely that the chart is set for another boost.
Should Dogecoin ascend to $0.45, it will be back to where it was at the end of 2021. But this time, it will be coming off a longer base at around $0.20-$0.25, not a sudden spike, which makes the price behavior look more mature.
Bottom line
The thing that gives bulls confidence is holding the current floor, because past rallies often collapsed when DOGE failed to keep freshly conquered territory intact.
The idea is that the DOGE price will stay above $0.27, but if it dips back down, it will lose steam and probably return to previous years' range. For now, the bias is higher, and traders are keeping a close eye on September as the month that could set up the biggest meme coin's next big move.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team