Dogecoin (DOGE) is getting ready to “pop,” as this crypto analyst predicts that the next move to the upside could see the meme coin break a critical resistance level. DOGE’s price has, in recent times, lived off the hype regarding several use cases that could be added for it soon. However, it remains to be seen if these narratives can propel the meme coin to hit new highs. 

Dogecoin Could Rise To $0.083 Soon

Crypto analyst Muro Crypto hinted in an X (formerly Twitter) post that another bounce by DOGE from its current support level might give it another push to break its current resistance levels. From the accompanying chart that he shared, one could see that the analyst was predicting that another move to the upside could see DOGE rise to as high as $0.083. 

In a previous X post, Muro had shared his belief that DOGE was going to pop soon enough. Not long after, the meme coin saw a move to the upside. However, that momentum didn’t last for long, as the analyst noted, with the meme coin dropping back to its entry point, halfway to the $0.83 target. 

It is worth mentioning that DOGE has recovered and risen above the $0.80 psychological level, something which could mean that it was gearing up for a further move to the upside. Mark Cuban revealed that his Dallas Mavericks team still receives Dogecoin as a payment method, which has partly contributed to this most recent price surge. 

The meme coin has also recently rallied on the back of speculations that the X platform could include DOGE as a payment method in its X Payments, which is expected to go live this year. The fondness that Elon Musk, who happens to own X, has for the meme coin is the primary driver behind this narrative. 

Another Factor That Could Spark A Surge In DOGE’s Price

Crypto analyst Ali Martinez revealed in an X post that the Dogecoin network has been witnessing a “remarkable surge in growth.” New addresses on the network are said to have increased by a remarkable 1,1000% over the past week. Specifically, he highlighted how a record-breaking 247,240 new DOGE addresses were created on January 29 alone. 

The analyst noted how a sustained uptrend in the network’s expansion “could soon reflect positively” on DOGE’s price. Usually, such a development means that more users are acquiring the meme coin, with an increased demand for the meme coin likely to spark a surge in its price. 

At the time of writing, DOGE is trading at around $0.081, up in the last 24 hours, according to data from CoinMarketCap. 

---

Filed under: Bitcoin - @ January 30, 2024 9:00 pm