TLDR
- Despite a recent decline in value, Dogecoin appears poised for a possible short-term increase to around $0.29.
- Technical chartists have found an Ascending Triangle formation on Dogecoin's 4-hour chart, hinting at a likely bullish breakout.
- There has been significant growth in DOGE wallet addresses, with a 1.24% uptick in wallets holding at least one million DOGE since February.
- Active Dogecoin addresses have surged to over 150,000 daily, marking the highest level since mid-November 2024.
- Looking ahead for Dogecoin, price forecasts range from $1 by 2025-2027 to $10 potentially by 2035 or later.
Dogecoin, renowned for its meme origins, is indicating signs of breaking out of a recent slump. Its current trading value hovers around $0.16, significantly lower than its December 2024 high at $0.4843.
This marks a decline of 64% from its three-year pinnacle. However, a variety of technical signals suggest a potential turnaround.
Market expert Igor Bondarenko anticipates Dogecoin might achieve $0.29 shortly, grounded on its proximity to the 20-day EMA.
The EMA may act as a pivotal point for traders considering new market entries. Yet, if Dogecoin cannot surpass this threshold, Bondarenko issues caution against a dip to $0.10.
#Dogecoin Price Analysis
š¶ $DOGE Approaching the $0.19 20-day EMA implies that a breakout could propel Dogecoin to $0.23 and subsequently $0.29. Conversely, failing to maintain above $0.14 could drive it towards $0.10. pic.twitter.com/PWsOnK97ii
ā Igor Bondarenko (@bondar58166) March 18, 2025
Another strategist, Trader Tardigrade, has identified an Ascending Triangle pattern on the Dogecoin 4-hour chart, which typically precedes a bullish trend continuation.
This pattern's emergence points toward a likely upward breakout with Trader Tardigrade anticipating a rise to $0.20, followed by minor corrections before further growth.
DOGE's latest weekly closure featured a Doji Candle, often indicative of potential reversals in market trends.
According to Trader Tardigrade, this pattern suggests the prevailing downward trend may be concluding, often hinting at upward movements.
#Dogecoin weekly candle closed with a DOJI š„
This signals a potential transition from a downtrend to an uptrend at this juncture.
Looking back at previous $Doge Past technical setups showed a Doji candle right at the start of the last surge. pic.twitter.com/QPf5MJI5Czā Trader Tardigrade (@TATrader_Alan) March 17, 2025
Growing Interest Despite Price Drops
On-chain analytics reveal burgeoning interest in Dogecoin. The analytics platform Santiment notes a rise in wallet addresses holding at least 1 million DOGE by 62 since February.
This aligns with a 1.24% growth among larger holders. Daily active addresses have spiked, exceeding 150,000 transactions.
Such heightened activity levels have not been seen since mid-November 2024. Accumulation trends like these typically precede price shifts, per on-chain analysts.
Many within the Dogecoin community remain bullish on its long-term outlook. Analysts, including those from DOGECAPITAL, are predicting significantly higher valuation targets.
Such forecasts highlight various catalysts, like BlackRock's filing for a DOGE ETF, where institutional interest might spur broader adoption of this meme-inspired cryptocurrency.
More conservative predictions suggest DOGE Dogecoin can hit $1 between 2025 and 2027, necessitating a 488% rise from its present valuation.
For the ambitious goal of $5, analysts project a window between 2029 and 2035, marking a 2,841% ascent from current figures.
Reaching the $10 milestone is considered ambitious by most. If realized, it would likely be around 2035 or later, requiring a 5,782% increase.
Reaching such optimistic benchmarks entails major enhancements to Dogecoinās Dogecoin's utility and acceptance as a global payment medium, transcending its meme-based origins.
In the face of prevailing market downturns, Dogecoin has risen over 6% in the past week, offering a sliver of optimism to its investors.
As markets anticipate a broader crypto resurgence, Dogecoin's trajectory in the upcoming weeks will be closely scrutinized. Technical and on-chain analysis suggests room for short-term growth.
