Dogecoin (DOGE) Price Prediction: is a Rally Toward $1 Possible?

Dogecoin experienced initial price consolidation during its Cycle 1 and Cycle 2 stages before undergoing massive exponential growth. The current consolidation is ongoing near $0.329 and historical analysis shows that a breakout could be set if $0.35 is breached.

People are talking about a Dogecoin ETF and it seems to be sparking some interest in the market. I guess investors are really hyped up about this possibility.

But hey, there's more! Bitwise has filed for a spot Dogecoin ETF, which is getting traders to keep a close eye on the developments.

If this ETF gets the green light, it could boost both Dogecoin adoption and participation in the market, which might lead to a sweet upward movement.

Plus, get this: Dogecoin whale investors are still adding to their portfolio, which shows their belief in future price appreciation.

Historically, whale activity has been a sign of big price movements, so this might be setting the stage for a potential breakout. Past Trends Suggest a Promising Future

Dogecoin's current price action seems to be following a pattern observed in previous market cycles. An analyst suggests that Dogecoin is in Cycle 3, where its movement matches historical trends leading to a significant price surge.

During Cycle 1 and Cycle 2, Dogecoin experienced initial price consolidation before undergoing massive exponential growth.

The current consolidation is around $0.329 and if we look at past trends, a breakout could happen if $0.35 is breached.

If DOGE manages to break out and hold above this level, we could see the price push higher, with the next resistance at $0.40.

However, failure to cross this level might lead to a retest of the $0.32 support, opening up the possibility of a drop to $0.30 if bears take over.

Dogecoin Price Prediction: A Rally Toward $1 in the Cards?

A recent post by Lucky on X states that Dogecoin has started capturing market interest and is primed for a massive rally. If the range breakout occurs successfully above $0.4000, it could see a sharp upside toward the $1 mark.

The price action shows a consolidation phase with a low volume spurt. After a massive bull rally of over 200% in the November-December 2024 period, Dogecoin price has been moving sideways for the last three weeks and failed to gain any significant momentum.

The daily RSI stayed below the midline at 44, denoting a lack of bullish momentum. Additionally, the ADX below 20 highlighted the weak bullish trend.

Moreover, the Open Interest (OI) has dropped by over 1.83% to $3.94 Billion, indicating a long unwinding move. This suggests that buyers were not optimistic about a continuation of the price rally.

The immediate support zones were at $0.3200 and $0.3100, while the resistance zones were at $0.3500 and $0.3800.

This article is intended for informational purposes only and does not constitute financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may arise from investing in or trading. Please conduct your own due diligence before making any financial decisions.

Varuni has been in the web3 space for half a decade, witnessing the changing dynamics of DLT, Blockchain and Web3. With 8 years of journalistic expertise, she has a keen interest in emerging technology and their impact on society. She has published news and on-chain analysis articles on Nasdaq as well as some of the top web3, crypto news firms. Currently, she heads The Coin Republic as the Editor-In-Chief.