What’s next for DOGE as this bullish indicator forms?

As the majority of the cryptocurrency industry is enjoying a renewed wave of optimistic sentiment triggered and preserved by multiple favorable developments, the popular meme coin Dogecoin (DOGE) is no exception, particularly taking into account one bullish indicator.

Indeed, DOGE is currently changing hands at the price of $0.2472, which indicates a daily growth of 9.05%, a 23.68% gain across the previous week, and an advance of 20.41% on its monthly chart, adding up to the one-year rise of as much as 136.8%, per the latest data on August 13.

DOGE at $0.27 imminent

Right now, Dogecoin also looks ripe to continue its price increases, and renowned professional crypto trader Ali Martinez has shared a prediction that its next price level will be $0.27 in the next few days, “as it forms a bullish flag on the hourly chart,” which he observed earlier on August 12.

So, why is Dogecoin going up? 

Notably, aside from the generally positive sentiment across the wider crypto market, DOGE itself is enjoying fortunate goings-on. One of them is its massive accumulation by whales who have bought more than $200 million worth of DOGE and are now holding close to 50% of the entire circulating supply.

Then, there’s the formation of a ‘golden cross,’ where the short-term moving average (MA) crosses above the long-term MA, and which traditionally indicates substantial price growth. 

Will Dogecoin reach $1?

Dogecoin hitting the psychologically important mark at $1 is certainly not out of the picture, and some analysts believe $0.70 is actually very close, including Martinez himself, who opined a couple of days ago that Dogecoin might attain it once it clears $0.36.

All things considered, DOGE is looking at the price of $0.27 in the near-term, after which it could target $0.29, and the next step at $0.36. After that, $0.70 is a legitimate expectation, the clearing of which could pave the way to $1 in the following months.