- The cryptocurrency analyst and trader Shelby predicted that DOGE could rise to as high as $6.50 in the long term.
- The bullish outlook comes after DOGE rebounded off of a positive trend line on its weekly chart.
- At press time, DOGE was trading hands at $0.0713 following an 8.59% 24-hour gain.
The cryptocurrency trader and analyst Shelby predicted in an X post yesterday that the price of Dogecoin (DOGE) may soar to as high as $6.50 in the long term. His bullish outlook on the meme coin comes after DOGE bounced off of a long-term positive trend line on its weekly chart.
From a shorter-term perspective, DOGE was able to achieve a 24-hour gain, according to CoinMarketCap. At press time, the cryptocurrency market tracking website indicated that DOGE was trading hands at $0.0713 following an 8.59% uptick in its value throughout the past day of trading. This pushed its weekly performance deeper into the green zone to +22.54% as well.
Interestingly, DOGE’s performance over the past 24 hours made it the best-performing cryptocurrency in the top 10 list during this period. The next best performer, according to CoinMarketCap data, was Solana (SOL), with its 5.79% increase in price.
From a technical standpoint, DOGE was attempting to overcome the $0.07195 resistance level at press time. It was able to break above this price point earlier in today’s trading session to reach a high of $0.07292. Since reaching this peak, it had retraced to trade back below this significant price point.
Should DOGE close today’s daily candle above $0.07195, then it may have the foundation needed to continue climbing in the next 24-48 hours. This could result in DOGE rising to as high as $0.07885.
However, a daily candle close below $0.07195 today could invalidate this bullish thesis. In this scenario, DOGE may be at risk of retracing to the immediate support at $0.06450. Thereafter, the cryptocurrency’s price could drop to as low as $0.05835 within the following week if the potential sell pressure persists.
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