Zinger Key Points
- Dogecoin is poised for significant upside soon, according to bullish trader predictions.
- One trader bought 2 million call options on DOGE to rise 30% in two weeks.
Dogecoin DOGE/USD has caught the attention of cryptocurrency traders, who see the apex meme coin poised for upside soon.
What Happened: Popular analyst Michael van de Poppe noted, “The meme coin fiesta continues,” with rivals like Dogwifhat WIF/USD, Bonk BONK/USD and Floki FLOKI/USD surging. Van de Poppe points out that “the easiest play,” Dogecoin, isn’t moving yet, but “that’s a safe bet to have in this cycle.”
Pointing to the surge of rival Shiba Inu SHIB/USD, trader Cold Blooded Shiller tweeted, “Looks like we’re going to get the part where people FOMO into SHIB by longing DOGE,” suggesting a potential for price rally fueled by FOMO (Fear Of Missing Out).
Another trader, Zer0, expressed confidence in Dogecoin's potential, stating:
TheCryptoDog added a nostalgic sentiment, writing that Dogecoin is “slow and boring compared to new stuff these days, but there’s charm to her lumbering.” He expects “exciting days ahead.”
Why It Matters: The trader insights come at a pivotal moment for Dogecoin, which is facing significant resistance between $0.166 and $0.171. According to cryptocurrency analyst Ali Martinez, overcoming this resistance could allow Dogecoin to double in price, with the next key resistance level at $0.322.
Despite its slower movement compared to newer meme coins, traders believe Dogecoin's inherent potential makes it a safer bet within the meme coin ecosystem. As highlighted by recent analyses, a potential 30% upside suggests Dogecoin could experience a price trend reversal.
According to a Coindesk report, a trader bought two million call options on Dogecoin, betting on a price increase to $0.22 by June 14.
As rival coins like Shiba Inu continue to outperform, overcoming the key resistance could position Dogecoin for a substantial surge, reaffirming its status within the cryptocurrency landscape.
Price Action: At the time of writing, DOGE is trading at $0.1655, up 1.03% over the past 24 hours.
What’s Next: The impact of meme coins will be discussed at Benzinga’s Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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