Dogecoin (DOGE) is gearing up for a significant price rally after months of underperformance, with multiple technical indicators suggesting that the meme coin has reached its bottom. Analysts are optimistic about a strong rebound, citing on-chain data and favorable technical patterns that point to a potential surge.
Currently trading at $0.1647, Dogecoin has experienced a 5% decline over the past 24 hours, but experts believe this downturn may be the final dip before a substantial rise. On-chain analysts, such as pseudonymous trader Tardigrade, claim that DOGE is adhering to a macro channel, which is often indicative of the coin bottoming out. Tardigrade stated that as long as Dogecoin remains within this channel, it has already hit its lowest point, setting the stage for a strong upward move.
Another prominent on-chain analyst, Ali Martinez, echoed these predictions, noting signs of early recovery as Dogecoin bounces back from a key support level. Martinez believes that a “strong rebound may be right around the corner” as traders set their sights on the $3 mark.
Several bullish indicators are contributing to the optimism surrounding Dogecoin’s price. Technical analysis shows higher lows, with Elliot Wave Theory suggesting the cryptocurrency is in a bullish wave. On-chain data also reveals a 270% surge in active addresses, which reflects growing activity in the Dogecoin ecosystem. Additionally, rising whale accumulation points to potential price increases.
Analysts are setting a breakout target of $0.6533, which would represent a 318% increase in DOGE’s value. The possibility of an approval for a Dogecoin ETF by the U.S. Securities and Exchange Commission (SEC) is also a key factor fueling bullish expectations. Such an approval could trigger a massive price surge, pushing Dogecoin to triple-digit gains.
While Dogecoin’s current price sits at $0.1647, with daily trading volumes around $1.44 billion, experts believe that a major rally could be on the horizon as the cryptocurrency prepares for its next big move.
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