The Dogecoin (DOGE) Price Is Increasing Today as the Whole Crypto Market Is Experiencing a Rally

This ongoing surge can't be attributed to a single catalyst. A reason for this can be the long accumulation phase that the crypto market was experiencing.

The price of Dogecoin (CRYPTO: DOGE) is up today as the whole crypto market experiences a rally after a period of consolidation. This ongoing surge can’t be attributed to a single catalyst.

One factor that may be attributing to this is the long accumulation phase that the crypto market was experiencing. This could have been a build-up for another period of volatility, which could be a rise in prices.

Additionally, there were some signs of this DOGE price rally, as whales had begun accumulating DOGE. After such developments, today, we can see that DOGE has reached a double-digit increase in value. However, the threat of another bearish reversal because of another one of Donald Trump’s unexpected economic moves remains.

Is The Dogecoin (CRYPTO: DOGE) Price Breakout Sustainable Or Temporary?

Although the price of DOGE had hit a low of $0.1275 this month, now it is beginning to rise. At the time of writing this article, this coin is now trading at around $0.1717. Just today alone, Dogecoin price has recorded a 12.63% surge.

Now, let’s take a look at the technical analysis for the token price in more detail. According to the technical signals, this token can even see another 45% increase in value. This means that the DOGE token price is set to reach a new peak of $0.2285.

Chart 1, Provided by Crispus9, published on TradingView April 23, 2025

From Chart 1, we can see that a falling wedge pattern has been forming since November. The wedge’s highest point is situated on the peak, which was seen on December 8. Additionally, the lowest point of the wedge was placed on a low in November.

Now, the price of DOGE has already broken out of the upper trendline of this wedge. Additionally, the upper and lower trendlines are now closing in on the convergence point. This signals that the breakout will likely continue and that the price surge has strength.

Moreover, the Dogecoin price action has also created a double bottom at the $0.1445 level. This lower level was tested in October and November. After that, the price bounced off this double bottom and started to rise again.

What Other Factors Can Propel Bitcoin To New All-Time Highs From $94K?

Another interesting tidbit is the current standing of the Relative Strength Index at 50 points. This shows that there is more bullish volume than bearish volume. As such, with the bullish volume increasing, investors show confidence in the future of the token.

The Stochastic Oscillator has also gone into the overbought range, signaling the continuation of the rally. One other possible bullish variable is the ongoing surge of Bitcoin (CRYPTO: BTC). Usually, most cryptocurrencies follow the lead of Bitcoin in price increases or decreases.

As such, with the current BTC price being $94K, we can see $100K soon, which will push the whole market higher.

Is Dogecoin About To Soar As SEC Chair Makes A Final Move?

Additionally, other than technical bullish signals, there are also some fundamental bullish signs, like the recent change in SEC leadership. Paul Atkins has now officially become the new Securities and Exchange Commission Chair. This pro-crypto figure is expected to completely change the SEC’s approach related to various crypto matters.

One such matter is the pending approval of DOGE ETFs, which could be revolutionary for this token. At present, Grayscale and Rex-Osprey, two big players in the financial world, have applied for approval of a spot DOGE ETF. If approved, we can see institutional investments in DOGE skyrocket, as well as the increase in the Dogecoin price.

The DOGE whales have also been continuing their accumulation, which means they believe the price will be rising even higher. The market data shows that the number of investors who are holding between 100 million and 1 billion tokens is increasing. However, the Donald Trump tariffs still pose a grave danger for the world and the US economy. Most of these tariffs are currently paused, and the tariffs on Chinese products reached a new high recently.