There’s renewed buzz around Dogecoin following a significant bounce back this week. After plummeting to $0.142 on Sunday, the popular meme cryptocurrency has surged back above $0.16, reigniting talks of a major rally shortly, potentially in July.
Analysts are pointing out that Dogecoin’s drop to $0.142 aligns perfectly with an increasing trend of higher lows. According to their analysis, this dip struck a multi-year trendline that originally appeared back in October 2023. Back then, prices experienced a similar dip before bouncing back.
Once Dogecoin stabilized, it entered an upward channel, consistently forming higher highs and higher lows on the weekly chart. Crypto analyst WIZZ believes that Dogecoin’s next upward trajectory could kick off in July. Assuming current support holds, they propose that DOGE could gain momentum and aim for the wedge’s pinnacle – hitting $1.
The analyst’s chart indicates a potential rally to $1.40, representing a 740% surge from today’s levels and smashing past the long-anticipated $1 mark. This isn’t the first time experts have aimed for $1 for Dogecoin. Galaxy Research had set the $1 target before the end of 2025.
On his end, Javon Marks anticipates DOGE surpassing $1.25 by following a bullish continuation pattern. Other experts have predicted a 500% increase following a falling-wedge breakout in March. However, critics warn that DOGE lacks the fundamental backing of tokens underpinning major networks.
Its price largely oscillates based on community zeal and hype. If Bitcoin or the wider crypto market takes a downturn, Dogecoin could experience sharper drops than more mature assets. Traders need to be aware of this scenario and set clear profit targets and tight stops.
