Investors are eager to see DogeCoin hit the $1 mark. However, analysts are skeptical.
Half of the seasoned investors feel that DogeCoin’s usual meme coin hype could still drive the high hopes in the market. After all, thousands of enthusiastic crypto investors still keep a tab on every @kabosumama blog.
While this community hype is real, this meme coin’s on-chain results or market performance might dampen it. Simultaneously, another token, Remittix (RTX), is stealing the latest limelight! The best part about this show stealer is its crypto-to-fiat payments and rewards.
Traders Unhappy at $0.20
DogeCoin is usually in the news, so there is always some market awareness. But investors are now querying whether the coin has what it takes to reach the $1 mark.
On 1st May, analyst Ali Martinez spotted decent whale activity around the coin. In merely 7 days, DOGE wallets accumulated around 100 million tokens. What’s more exciting—all of these wallets hold between 1 million and 10 million DogeCoins.
Investors say this kind of buying spree occurs before sharp price movements. Already, many people have started noticing this and have shown recent interest in DogeCoin.
# What Do The Technical Charts Say?
The technical indicators imply a possible trend reversal. Cryptokijker, another popular analyst, hinted at a bullish divergence in the RSI matrix that many people might not have noticed yet!
So, it’s fine to say there is an underlying momentum building, even if the price doesn’t reflect it.
DOGE has at least gone past the last day’s low. That’s a real optimistic sign, implying the momentum could finally shift.
# Check Out This Projection
At press time, DogeCoin was just $0.18. In the last 24 hours, it has moved up 0.5%—a small yet significant growth!
Analysts now anticipate the coin going up to $0.20. If May ends above the $0.20 mark, investors feel that DOGE can gradually start climbing towards $1. However, some traders are willing to adhere to Martinez’s warning.
He says-
“The conditions are favorable. However, sustained momentum is still not certain.”
