Analyst Predicts 15% Dogecoin (DOGE) Rally: Is Altseason Imminent?

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Dogecoin (DOGE) continues to reign supreme among meme coins, thanks to the unwavering support of tech billionaire Elon Musk. Derived from Bitcoin and Litecoin, Dogecoin has garnered significant attention from crypto miners, evident in its rising difficulty and hash rate.

Recent on-chain data reveals that Dogecoin boasts over 5.8 million long-term holders, further solidifying its popularity.

Prepare for the Impending Flip

Amidst the memecoin frenzy that has rocked the crypto market in recent months, the price of Dogecoin has remained relatively stable. However, prominent digital asset analyst Crypto Tony believes that the Dogecoin market is on the verge of a flip and subsequent rally in the coming weeks. In his latest analysis, Crypto Tony highlights the retesting of a crucial resistance level, which had once served as a strong support zone.

To regain control in the short term, Crypto Tony emphasizes the importance of converting the current resistance level into a support level. This transformation would provide a favorable environment for the bulls and propel Dogecoin’s upward momentum.

Related: Dogecoin (DOGE) Price Wants a Breakout, But This May Prevent it from Doing So!

Altseason on the Horizon

Anticipation is building for an altcoin season in the upcoming months, potentially triggered by a reversal in Bitcoin dominance from its upward trend. Despite the bear market, the altcoin industry could experience a rally, in parallel with Bitcoin, as smart money enters the scene.

The extent of Dogecoin’s recovery hinges largely on whether the meme lord can maintain its macro support level around $0.054.

This Might Interest You: Top Altcoin Picks for Q3 2023: DOGE, PEPE, MATIC, INJ, and BNB Gain Attention

So, are you ready to ride the Doge wave?