After a period of correction that erased some recent gains, Dogecoin’s price is now eyeing a potential rally to $0.29. Although the broader trend for DOGE has remained bearish, some analysts are optimistic about a short-term uptick to reclaim its one-month high.
In a recent post on X, analyst Igor Bondarenko suggested that Dogecoin could break through the resistance at its 20-day exponential moving average (EMA), which is seen as a key support level for traders. If this breakout occurs, the price could rise to $0.23 and potentially hit $0.29.
However, if Dogecoin fails to break through the EMA level, it could experience further declines. Bondarenko warned that a rejection at this level could send DOGE as low as $0.10.
Optimism and On-Chain Indicators
While short-term technicals indicate a possible rally, on-chain data shows even more promise for Dogecoin. Address activity has surged to 1 million unique users, with active addresses spiking by 400%. This increase in network activity may signal growing investor interest.
Furthermore, some analysts see potential for much higher gains. The possibility of a Dogecoin exchange-traded fund (ETF) application from BlackRock could trigger a significant price surge, with other institutional players showing interest in the asset’s transition from meme coin to real-world applications.
Long-Term Predictions Remain Bullish
Long-term predictions for Dogecoin’s price are notably bullish. Some analysts foresee DOGE reaching as high as $80, driven by cyclical patterns similar to the parabolic rise seen in 2021. Analyst DOGECAPITAL is particularly optimistic, suggesting that if historical trends repeat, Dogecoin could be entering the second phase of its upward trajectory.
Currently, Dogecoin is trading at around $0.16, with a 6% increase over the past week. Traders and analysts will be keeping a close eye on how the asset performs around the $0.22 to $0.23 range to gauge the potential for further upside.
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