Dogecoin (DOGE) Price Forecast: Bulls Anticipate Major Breakout After Recent Dip

Despite facing a downward trend after struggling to break past crucial resistance points, some analysts remain optimistic, forecasting a potential rally that could push the cryptocurrency to the $2 mark.

Dogecoin (CRYPTO: DOGE) has been struggling to break past crucial resistance points and has recently fallen through multiple support levels as the price trends downward. Despite this setback, some analysts remain optimistic, forecasting a potential rally that could push Dogecoin to the $2 mark.

After failing to maintain gains above $0.1750, $0.1720, and $0.1620, Dogecoin's price has since dropped further. As the cryptocurrency hovers around $0.1550, it appears to be falling into a bear market after failing to break out of the $0.1732 to $0.1740 range, which some analysts suggest may be forming an ascending triangle.

If this pattern plays out as expected, a breakout from this triangle could lead to a surge in price towards the next resistance zone, which is anticipated to be at $0.1800 to $0.1850. If Dogecoin manages to overcome this final resistance level, it could experience a more substantial upward movement, much like the previous cycles where the price bounced back significantly from Fib support.

Key Fib Levels To Watch As Dogecoin Price May Be Recovering

Crypto analyst Tarder Tardigrade has been keeping an eye on key Fib zones, which tend to be pivotal areas where market trends change. According to his analysis, if Dogecoin stays above these Fib levels, it may be recovering, just as it did in previous phases of recovery.

If the price stays above the 0.9 Fib, it may signal a continuation of the bear market, while a break below this level could indicate a new trend.

Also, if the price drops below the 0.618 Fib, it might indicate a deeper decline, possibly to the 0.5 Fib, which was a strong support level during the previous cycle.

Dogecoin Price Chart By Benzinga

If the price breaks out of the triangle and manages to stay above the Fib levels, it could experience a strong rally towards the 1.272 Fib, which is around $0.1800.

Later, if the price drops below the Fib support and continues to trend downward, it might reach the 0.5 Fib, which is a crucial zone that could determine the fate of the current cycle.

If the price drops below this zone, it might signal a continuation of the bear market, but if it manages to find support above the 0.5 Fib, it could indicate a potential reversal and a return to the bull market.

Dogecoin Mena While Anticipated ETF Could Push Price To New Highs

As the possibility of a DEGOOGL ETF or a broader market ETF being approved by the end of 2025 increases, some experts believe that this move could have a dramatic impact on Dogecoin's market value.

If approved, the ETF would open doors for institutional investment, providing a regulated way for bigger players like Cathie Wood to enter the market. According to Polymarket, there is currently a 69% chance of an ETF being approved by the end of 2025.

Such a development could enhance Dogecoin's legitimacy and attract new investors, potentially pushing its value to record highs. However, it's important to note that this speculation is based on market trends and technical analysis, and the actual price movements may vary.