Meme cryptocurrency Dogecoin ($DOGE) has weathered recent bearish sentiment as it strives to breach key resistance levels.

Indeed, Dogecoin aims to claim the $0.20 mark, and crypto trading expert Micha?l van de Poppe believes investors should brace themselves for significant upside potential in the current cycle.

In an X post on May 31, Poppe projected that the token is poised for a massive breakout in the future, potentially resulting in a price surge of approximately 525% to reach the coveted $1 mark. Notably, the $1 threshold has long been a target price for the meme cryptocurrency.

“This is such an easy play. I think we’ll be seeing a massive breakout of this one, and it might even be possible to reach $1 again this cycle,” he said.

Dogecoin’s rising whale activity

Poppe’s analysis comes amidst a flurry of activity in the Dogecoin market, with notable developments fueling growing investor interest.

In this regard, crypto analyst Ali Martinez highlighted in an X post on May 31 that $DOGEwhales have acquired over 700 million $DOGEin the past 72 hours, amounting to approximately $112 million.

This surge in investment from large holders indicates strong confidence in Dogecoin’s potential for future growth.

Initially, Martinez observed that $DOGEhad turned bearish while pointing out key levels to monitor. According to the analyst, Dogecoin faces significant resistance between $0.166 and $0.171. Breaking through this barrier could propel the price towards the resistance level of around $0.322.

Despite this short-term price correction, Dogecoin’s technical indicators are predominantly bullish. One-day gauges from TradingViewsummarize a ‘buy’ sentiment at 11, consistent with the sentiment reflected in moving averages, which gauge at 9. On the other hand, oscillators for the coin are ‘neutral’ at 8.

As things stand, $DOGEhas a considerable journey ahead to reach the $1 mark. Given that the two assets have historically traded in tandem, achieving this milestone will likely require substantial support from Bitcoin.

Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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