TL;DR

One popular analyst believes DOGE can witness significant volatility if it breaks out of its recent consolidation range. Other industry participants remain optimistic, with some envisioning a price explosion to as high as $5.

Preparing for a Shocking Move?

The largest meme coin in terms of market capitalization has experienced little to no volatility over the past few days, with its price remaining within the $0.16-$0.18 range. According to the popular X user Ali Martinez, though, this consolidation may soon be followed by significant turbulence.

He recently assumed that DOGE could experience a 60% price move, but the direction of the trend is yet to be determined. Martinez believes a breakout above $0.22 could fuel a major rally, while a drop below $0.16 might result in a violent pullback.

In a bullish scenario, Dogecoin could surge to around $0.35, its highest level since January this year. Conversely, a 60% drop would drag the meme coin below the $0.1 mark.

Other X users who commented on the matter recently include KrissPax and CyptoELITES. The former saw similarities between DOGEs current pattern and the one observed approximately two years ago. The analyst envisioned a rise to $0.6 sometime this fall if the meme coin follows the same path. CryptoELITES was much more optimistic, setting a target of $5:

Dogecoin target: $5

If you’re not expecting $5, you probably don’t know anything.$DOGE #DOGE pic.twitter.com/TbnxTd45ok

Some Bullish Factors

The recent surge in exchange outflows might be seen by DOGE proponents as a positive sign. CoinGlasss data shows that over the past several months, many investors have switched from centralized platforms to self-custody methods, which reduces immediate selling pressure.

DOGE Exchange Netflow, Source: CoinGlass Meanwhile, the DOGE Fear and Greed Index has recently moved to neutral territory after being in the greed zone earlier this month. The metric examines multiple factors, including price fluctuations, survey responses, and social media activity, to gauge the ongoing feeling of investors toward the cryptocurrency.

The greedy sentiment reflects growing optimism and a stronger appetite for the meme coin. However, the crypto space is notoriously unpredictable and often moves against the crowds expectations. This might be the perfect moment to recall Warren Buffetts famous advice: Be fearful when others are greedy, and greedy when others are fearful.