Can Dogecoin Price Hit '37 Cents” In the Next Two Weeks?

Dogecoin price has been a subject of intense speculation and analysis as recently, a top trader predicted that the asset could surge to $0.37 within the next two weeks.

Dogecoin price analysis: DOGE stalls at 3 crucial Fib levels, why 37 cents is next

Dogecoin price has seen a massive surge in the past few weeks, leaving many investors wondering where the next resistance level might be. After rallying by over 25% last week, investors are now eyeing the 37-cent price level. But is this achievable? Let’s take a closer look.

Currently, Dogecoin is trading at approximately $0.1445, according to CoinGecko data. This marks a significant increase from its earlier lows but is still a far cry from its all-time high of around $0.73, which was achieved during the 2021 crypto boom.

The market sentiment for Dogecoin price is currently mixed, with some market participants anticipating further gains while others foresee potential declines.

For instance, data from Coinglass shows that short-term futures traders have turned bearish on the daily, while long-term weekly and monthly traders remain bullish. This imbalance suggests that the majority of the market is still bullish as they anticipate the price of DOGE will increase soon.

The following two on-chain metrics could explain why investors are divided. According to data from Santiment, Dogecoin holder profitability broke a four-month high, and 81% of all Dogecoin in circulation is now in profit. The last time this was the case was July 7, 2024.

Moreover, the short-term DOGE holders (30-day) surpassed long-term holders (365-day) in profit, making it logical for investors to lock in profits when DOGE shows signs of weakness around historical resistance zones.

Reasons Why DOGE Price Could Hit $0.37 In Two Weeks

Dogecoin price surging to 37 cents in two weeks is not out of this world. For comparison, in the past 7 days, the meme coin soared by about 25%. Double this, and we have 50% in two weeks. Combining this organic growth with several other factors and $0.37 price target comes into clear focus. Here are some reasons why $0.37 DOGE is possible before the November 5 U.S. elections.

Additionally, the Fibonacci retracement tool shows a potential retrace to $0.1322, which would explain the bearish sentiment among short-term traders. However, after that, the DOGE price is primed to surge to $0.37 with some occasional stops at $0.15, $0.18, and $0.23.

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