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Dogecoin is close to grow 55%, analyst says

With the recovery in the price of Bitcoin (BTC), which has once again traded above $44,000, the entire cryptocurrency market has experienced a positive move.

Dogecoin is close to grow 55%, analyst says

Along with this rally in the market, cryptocurrencies that stood out in the past, such as metaverse tokens and memecoins, reacted and also started a bullish move.

The price of Dogecoin, for example, witnessed a sharp rally last week, a move that analyst Akash Girimath says suggests that DOGE is ready for a pullback that will allow bulls to regain their strength for the next rally.

“The price of Dogecoin is up 36% in about two weeks and set a high of $0.173,” he said. “Going forward, DOGE will likely retract as investors continue to book profits,” he said.

Also according to him, Dogecoin could show a 10% retracement going to $0.139. However, at this point buyers can band together and make the price of DOGE soar.

For him, the resulting uptrend is likely to cross the weekly resistance barrier at $0.163. It will then head towards the next hurdle at $0.194.

Girimath also pointed out that bulls, with this move, are likely to extend the rally beyond $0.215. Thus, they will collect buy-stop liquidity above the triple standard.

“In total, this move would constitute a 55% rise. And the next local top is likely to form.”

However, while things look safe for Dogecoin, a loss of the $0.129 support could make buyers wary.

“A four-hour candle closing below the $0.121 range will create a lower low and invalidate the bullish thesis. A potential increase in selling pressure in this area could trigger a sharp drop to $0.080.”

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