Dogecoin price has been a subject of intense speculation and analysis as recently, a top trader predicted that the asset could surge to $0.37 within the next two weeks. This bold prediction has sparked curiosity among investors, especially since that’s an over 100% move from the current price.
DOGE price is trading at $0.1445 today, down 0.4% in the last 24 hours.
Nevertheless, it has already increased 24% in the last seven days, and Dogecoin’s profit percentage has almost surpassed 81%. The main question remains: Can the price of DOGE double to “37 cents” in the next two weeks?
Can Dogecoin Price Hit “37 Cents” In the Next Two Weeks?
As of now, Dogecoin is trading at approximately $0.1445 per CoinGecko data. This represents a significant increase from its earlier lows but is still far from its all-time high of around $0.73, achieved during the 2021 crypto boom.
The current market sentiment for Dogecoin price is currently mixed, with some market participants anticipating further gains while others foresee potential declines.
For instance, data from Coinglass shows Short-term futures traders have turned bearish on the daily while long-term weekly and monthly traders remain bullish. This imbalance suggests that the majority of the market remains bullish as they anticipate the price of DOGE will increase soon.
The following two on-chain metrics could explain why investors are divided. According to data from Santiment, Dogecoin holder profitability broke a four-month high, and 81% of all Dogecoin in circulation is now in profit. The last time this was the case was July 7, 2024.
Further more, the short-term DOGE holders (30-day) surpassed long-term holders (365-day) in profit making, hence, it would only be logical for the to lock in profits when DOGE shows signs of weakness around historical resistance zones.
Reasons Why DOGE Price Could Hit $0.37 In Two Weeks
Dogecoin price surging to 37 cents in two weeks is not out of this world. For comparison, in the past 7 days, the meme coin soared by about 25%. Double this, and we have 50% in two weeks. Combining this organic growth with several other factors and $0.37 price target comes into clear focus. Here are some reasons why $0.37 DOGE is possible before the November 5 U.S. elections:
The price of DOGE has historically been influenced by social media trends and endorsements from high-profile figures like Elon Musk. A renewed wave of positive sentiment and social media buzz could drive up the price significantly.
Dogecoin price forecast shows that the asset has been experiencing a bullish trend in the short term. The 50-day moving average is rising, suggesting strong short-term momentum. If this trend continues, it could support a price increase.
Dogecoin price analysis chart
Additionally, the fibonacci retracement tool shows a potential retrace to $0.1322, which would explain the bearish sentiment among short-term traders. However, after that, the DOGE price is primed to surge to $0.37 with some occasional stops at $0.15, $0.18, and $0.23.
The overall cryptocurrency market has been showing signs of recovery. If major crypto assets like Bitcoin (BTC) and Ethereum (ETH) continue to rise, they could pull DOGE price up with them due to the correlated nature of crypto assets.
Conclusion
While the prediction of Dogecoin price reaching $0.37 in two weeks is ambitious, it is not entirely out of the realm of possibility. The factors supporting this bullish outlook include positive market sentiment, technical indicators, and broader market movements.
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