TLDR
- Dogecoin is showing signs of a potential short-term rally to $0.29 despite recent price drops
- Technical analysts have identified an Ascending Triangle pattern on the 4-hour chart, suggesting an upcoming bullish breakout
- DOGE wallet addresses have grown significantly, with a 1.24% increase in wallets holding at least 1 million DOGE since February
- Active addresses have reached over 150,000 daily, the highest since mid-November 2024
- Long-term price predictions range from $1 (possibly by 2025-2027) to $10 (projected for 2035 and beyond)
Dogecoin, the popular meme cryptocurrency, is showing signs of a potential price breakout after weeks of bearish momentum. The digital asset is currently trading at around $0.16, down from its December 2024 peak of $0.4843.
This represents a 64% drop from its three-year high. Despite this downturn, several technical indicators suggest a recovery may be imminent.
Market analyst Igor Bondarenko predicts DOGE could reach $0.29 in the short term. This prediction is based on the cryptocurrency approaching its 20-day exponential moving average (EMA).
The EMA could serve as a support level for traders entering the market. However, if DOGE fails to break through this level, Bondarenko warns it could fall as low as $0.10.
#Dogecoin Price Analysis
$DOGE approaches $0.19 (20-day EMA). A breakout could drive DOGE to $0.23 & $0.29. If rejected, a drop below $0.14 could send it to $0.10. pic.twitter.com/PWsOnK97ii
— Igor Bondarenko (@bondar58166) March 18, 2025
Another analyst, Trader Tardigrade, has identified an Ascending Triangle pattern on DOGE’s 4-hour chart. This bullish continuation pattern is formed by a horizontal resistance line and a rising support line.
The emergence of this pattern suggests a possible upward breakout. Trader Tardigrade expects a rebound to the $0.20 level, followed by a brief pullback before continuing upward.
DOGE’s latest weekly close featured a Doji Candle. This type of candlestick is often associated with market reversals.
According to Trader Tardigrade, this pattern indicates the ongoing downtrend may have come to an end. The last time this pattern appeared, it preceded an upward movement.
#Dogecoin weekly candle closed with a DOJI
This indicates a potential reversal from a downtrend to an UPTREND at this level.
Looking back at previous $Doge candles, there was a DOJI right at the start of the last SURGEpic.twitter.com/QPf5MJI5Cz
— Trader Tardigrade (@TATrader_Alan) March 17, 2025
Growing Interest Despite Price Drops
On-chain data points to growing interest in Dogecoin. Market intelligence platform Santiment reports that wallet addresses holding at least 1 million DOGE have increased by 62 since February.
This represents a 1.24% growth in large holders. Active addresses have also spiked, reaching over 150,000 daily transactions.
This is the highest activity level since mid-November 2024. Such accumulation patterns often precede price movements, according to on-chain analysts.
The broader DOGE community remains optimistic about long-term prospects. Some analysts, including DOGECAPITAL, predict much higher price targets.
These optimistic forecasts cite various catalysts, including BlackRock’s filing of a DOGE ETF application. Institutional interest could drive mainstream adoption of the meme cryptocurrency.
More conservative estimates suggest DOGE could reach $1 between 2025 and 2027. This would require a 488% increase from current levels.
For higher targets like $5, analysts project a timeline between 2029 and 2035. This would represent a 2,841% rise from today’s price.
The $10 mark is considered a “long shot” by most analysts. If achieved, it would likely take until 2035 or beyond and would require a 5,782% increase.
Such ambitious targets would require substantial upgrades to Dogecoin’s utility and adoption as a global payment system. The cryptocurrency would need to move beyond its meme status.
Despite the current bearish market, Dogecoin has gained over 6% in the past week. This modest recovery offers a glimmer of hope to investors.
As the markets await a broader crypto recovery, Dogecoin’s performance in the coming weeks will be closely watched. Technical patterns and on-chain metrics suggest the potential for a short-term rally.
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