Coinspeaker
Dogecoin Price Prediction: DOGE to $1? Here’s When and How
Dogecoin (DOGE), the market-leading meme cryptocurrency, has been experiencing a strong correction in recent months amid the broader crypto market meltdown.
However, technical indicators and on-chain data suggest a potential reversal in the near future. Crypto analyst Trader Tardigrade highlighted an important pattern in Dogecoin’s weekly chart, which is a doji candle formation.
Doji Formation and a Bullish Turnaround
The doji pattern, often associated with market indecision, has historically preceded major trend reversals. If history repeats, DOGE could see a price recovery toward $1 and beyond.
Tardigrade pointed out that Dogecoin’s current market structure resembles previous consolidation phases before explosive breakouts. This historical pattern suggests that the meme coin is primed for a major upward move as long as it maintains key support at $0.16.
At the time of writing, Dogecoin is trading at $0.1688, experiencing a 2.67% decline over the past 24 hours. Moreover, the trading volume has also dropped 2% while the Open Interest shot up 1.60% in the past four hours, Coinglass data shows.
While technical data and investors’ sentiment suggest a surge to $1-$1.50, prominent analyst Ali Martinez made a bold prediction, even suggesting a potential parabolic rally toward $20 in the long run.
Strong Holder Accumulation
Despite a 37% price drop in the last 30 days, on-chain data presents a bullish picture for Dogecoin.
Blockchain analytics platform Santiment reported that the number of wallets holding at least 1 million DOGE has been increasing, indicating accumulation by large holders.
Additionally, active addresses have reached a four-month high, suggesting renewed network activity and investor interest.
This uptick in large-holder accumulation and active wallets could provide a strong support base for a potential price rebound alongside potential approval of spot Dogecoin exchange-traded funds (ETFs).
Dogecoin Price Analysis
The 20-day Exponential Moving Average (EMA) stands at $0.1875, while DOGE currently trades at $0.1688, slightly below this crucial level. A bullish rally above the 20-day EMA could support further uptrend for the leading meme token.
Meanwhile, the Relative Strength Index (RSI) is at 37.23. This indicates that DOGE is nearing oversold territory. Historically, such levels have been followed by price recoveries.
The key resistance levels to watch include $0.1875 (20-day EMA), $0.2421 (0.786 Fib level), $0.3036 (1.618 Fib level), and $0.40+ (breakout region).
If Dogecoin reclaims $0.1875 and surpasses $0.24, a breakout toward $0.40 could be the next logical move. However, failure to hold $0.16 could lead to a retest of lower support levels around $0.14.
