The Dogecoin market has heated up to its maximum and is preparing to show a spike in volatility that will lead to significant price changes.
The Dogecoin (DOGE) meme coin has lost a lot of value recently and is trading below the $0.079 mark. Given the upcoming volatility, the price could accelerate its decline or see a sharp rise to unprecedented levels.
Cryptocurrency analyst Ali Martinez warned his followers on his X (Twitter) page about the upcoming "rollercoaster" for DOGE, explaining the strong compression of the Bollinger Bands on the four-hour chart of Dogecoin.
Loading...
If Martinez's prediction comes true and the Dogecoin market experiences a price "storm," it remains unclear how it will end. However, Coinglass data shows a 2.47% increase in open interest in DOGE to $432.21 million, potentially confirming Dogecoin's bullish momentum.
Analyst Crypto Patel expects the price of Dogecoin to reach $3 in the current bullish rally, as existing chart patterns suggest a 50x breakout in this period. It's worth noting that Crypto Patel has limited his initial target for DOGE in the first phase to $1.
At the time of writing, the price of Dogecoin is at $0.078840, showing a recovery after plunging to $0.07735 in early trading. The cryptocurrency has reached a market capitalization of $11.23 billion. DOGE's trading volume increased 28.65% to $200.98 million.
Last week, DOGE gained attention in the crypto community after news broke about Dogecoin's potential application on X payment platforms. This integration into broader payment systems could be key to Dogecoin's development and expansion.
Read also: South Korean regulator seeking Gary Gensler's advice on Bitcoin ETFs