Popular cryptocurrency analyst Ali Martinez believes that Dogecoin (DOGE) could reach the $1 level. However, specific market scenarios must occur for this increase.
Will there be a Dogecoin Bull Run?
If the weekly candle closes above the $0.0835 level, it could mark the beginning of a new bullish wave for DOGE, which could push the meme coin to the long-awaited $1 mark. However, the analyst also warns that traders should keep an eye on the support level at $0.0482 as “any sign of weakness around this level could lead to a new yearly low.”
At the time of writing, DOGE is trading at $0.0586. Since October 2, the main meme coin has suffered an 8.46% decline, falling from $0.0640 to its current value. However, there is a silver lining: Dogecoin is showing resilience and has managed to gain 2.31% over the past two days.
Dogecoin miners are pessimistic
What is striking is that we see little optimism from mining reserves. As a result, it seems likely that we will not break the $0.0835 resistance level for a while, which is necessary for a bull market.
Analysis indicates a significant decline in mining reserves, from 4.67 billion to 4.35 billion doge between August and October, indicating a possible sale of miners. The number of large trades (whales) also decreased, indicating a decrease in investor activity. These trends indicate a bearish short-term outlook for DOGE.
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