- Analysts have predicted that Dogecoin (DOGE) is positioned for a 72% rally after breaking out of a multi-month falling wedge pattern.
- Another analyst believes that DOGE could trade for $25 by 2025 while Shiba Inu hits $0.05.
Dogecoin (DOGE) breaks a key resistance level to record a daily surge of 8% and a weekly run of 15%, trading at $0.1235.
According to analysts, DOGE could extend this bullish run since it has recently broken out of a falling wedge pattern which has been in place for several months now. Historically, prices mostly surge by a maximum distance between the upper and lower trendlines following this scenario. In the case of DOGE, the price has been tipped for another 72% upsurge.
Investigating this possibility, we discovered that the asset’s funding rate has remained positive since September 17. This implies that traders have persistently resorted to long positions. According to analysts, the market situation has opened the gate for new traders to enter the market. Looking at the DOGE’s Aroon – an indicator used to measure the strength of a trend, the Up Line is currently at 100%, indicating support for a strong uptrend. Also, the DOGE’s Aroon Down Line currently reads at 28.57%, indicating a lack of recent lows.
More Analysis on Dogecoin (DOGE)
Subjecting DOGE to further technical analysis, our analysts observed that the current price of the asset ($0.12) is marginally above the $0.108 and $0.111 price range where a large number of DOGE holders entered the market. According to reports, 62,270 addresses bought around 36.08 billion DOGE tokens within the price range.
Crypto analyst Ali Martinez commented on this:
Dogecoin has surged past the $0.111 resistance, where 62,270 addresses hold over 36 billion $DOGE. If DOGE holds this level, it could confirm a bullish breakout. With no major supply walls in sight, the path to $0.150 looks clear.
Confirming this bullish outlook, Martinez pointed out the recent whale activities, disclosing that around $140 million worth of DOGE was purchased by large investors in just two days.
#Dogecoin whales bought over 1.40 billion $DOGE in the past 48 hours, worth around $140 million! pic.twitter.com/mBXMti2y3V— Ali (@ali_charts) September 26, 2024
Other Analysts Join the Prediction
Sharing the same sentiment, crypto analyst Rekt Capital disclosed that the asset could soon break out after coming out of its macro downtrend.
One of the coins featured in yesterday’s Altcoin Newsletter was Dogecoin. Ever since breaking its Macro Downtrend, #DOGE has been experiencing a post-breakout retest of that Downtrend. A successful retest would confirm a new Macro Uptrend.
For now, DOGE is expected to hit $0.19 in the short term once it successfully secures the $0.15 zone. According to crypto analyst Smile, the asset could hit an outrageous price of $25 by the end of 2025. He also believes that Shiba Inu (SHIB) could surge to as high as $0.05.
Recently, CNF also reported an interesting prediction by analyst and trader Master Kenobi, highlighting that the asset could hit $1 by December 2, 2024. By March 2025, the analyst expects DOGE to hit between $1.25 and $3.5. Supporting this thesis with a weekly chart, Kenobi pointed out that the asset has recorded gains for three successive weeks. According to him, DOGE has around 91 days to maintain the pace of growth once it enters the period of accelerated gains.
