Analyst Predicts Dogecoin Could Soar to $23.40: Here’s How!

Dogecoin Falls 16.18% This Week – Will $0.30 Support Hold?

Independent crypto analyst Kevin highlights a potential golden cross for Dogecoin (DOGE) within two to three weeks. He recalls the last golden cross in May 2021, which preceded an 18,000% surge. DOGE soared from $0.003 to $0.75 per coin. If history repeats, DOGE could reach approximately $23.40 per coin. This would push Dogecoin’s market capitalization beyond $3.48 trillion, a remarkable milestone for the meme cryptocurrency.

Breakout from Wedge Pattern Indicates Further Gains

Crypto analyst Ali recently analyzed DOGE’s price movements and noted a bullish outlook. He observed that DOGE broke out of a wedge pattern. This breakout suggests an upside target of 44%, indicating a potential price trend reversal. As of July 25, Dogecoin was trading near $0.128, a 1.79% increase over the past day. The DOGE/USD daily chart on TradingView shows the 20-day SMA starting to turn upward. Additionally, the Relative Strength Index (RSI) is in positive territory, giving bulls a slight edge.

If the bounce off the 50-day SMA holds, bulls may push the DOGE/USDT pair to $0.15. Subsequently, they could push it to $0.18. However, if the 50-day SMA fails to hold, it would signal that bears have overpowered the bulls. In this scenario, the pair might drop to the 20-day SMA, expected to act as a support level. A break below this support could tilt the advantage in favor of the bears.

DOGE/USD Price Analysis. Source| TradingView

On-Chain Metrics Reflect Growing Momentum

IntoTheBlock data shows an increase in Dogecoin’s active and new addresses, highlighting growing network participation. In early 2024, active addresses peaked at around 600,000, indicating heightened user engagement and transaction activity. Moreover, Dogecoin’s exchange volume data reveals heavy trading activity, especially in the $0.12 to $0.20 price range. This indicates high liquidity and potential price volatility.

Source| DeFiLlama

DeFiLlama reports Dogecoin’s total value locked (TVL) stands at $4.35 million. Additionally, DOGE generated $2,256 in fees over the past 24 hours. Currently, Dogecoin’s price is $0.13, with a market cap of $18.79 billion. The fully diluted valuation (FDV) closely matches this at $18.791 billion.

In conclusion, the combination of a potential golden cross, a wedge pattern breakout, and positive on-chain metrics signals a bullish outlook for Dogecoin. Analysts and data suggest that DOGE could see significant gains in the coming weeks, supported by strong network participation and trading activity.

Read Also: DOGE Falls Below Key Support Levels: 24-Hour Performance Shows 7.27% Decline; Will the Next Support Hold?

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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