Dogecoin Price Prediction: DOGE to $1? Here's When and How

Key Notes

• Dogecoin could skyrocket to $1, forming a doji candle and suggesting a reversal.
• Ali Martinez predicted that DOGE could skyrocket to the $20 price tag in the long term.
• The number of wallets holding at least 1 million DOGE has been increasing substantially.

Dogecoin (DOGE), the market-leading meme cryptocurrency, has been experiencing a strong correction in recent months amid the broader crypto market meltdown

However, technical indicators and on-chain data suggest a potential reversal in the near future. Crypto analyst Trader Tardigrade highlighted an important pattern in Dogecoin’s weekly chart, which is a doji candle formation

Doji Formation and a Bullish Turnaround

The doji pattern, often associated with market indecision, has historically preceded major trend reversals. If history repeats, DOGE could see a price recovery toward $1 and beyond.

Tardigrade pointed out that Dogecoin’s current market structure resembles previous consolidation phases before explosive breakouts. This historical pattern suggests that the meme coin is primed for a major upward move as long as it maintains key support at $0.16.

At the time of writing, Dogecoin is trading at $0.1688, experiencing a 2.67% decline over the past 24 hours. Moreover, the trading volume has also dropped 2% while the Open Interest shot up 1.60% in the past four hours, Coinglass data shows.

While technical data and investors’ sentiment suggest a surge to $1-$1.50, prominent analyst Ali Martinez made a bold prediction, even suggesting a potential parabolic rally toward $20 in the long run.

Strong Holder Accumulation

Despite a 37% price drop in the last 30 days, on-chain data presents a bullish picture for Dogecoin

Blockchain analytics platform Santiment reported that the number of wallets holding at least 1 million DOGE has been increasing, indicating accumulation by large holders

Additionally, active addresses have reached a four-month high, suggesting renewed network activity and investor interest.

This uptick in large-holder accumulation and active wallets could provide a strong support base for a potential price rebound alongside potential approval of spot Dogecoin exchange-traded funds (ETFs).

Dogecoin Price Analysis

The 20-day Exponential Moving Average (EMA) stands at $0.1875, while DOGE currently trades at $0.1688, slightly below this crucial level. A bullish rally above the 20-day EMA could support further uptrend for the leading meme token.

Meanwhile, the Relative Strength Index (RSI) is at 37.23. This indicates that DOGE is nearing oversold territory. Historically, such levels have been followed by price recoveries.

The key resistance levels to watch include $0.1875 (20-day EMA), $0.2421 (0.786 Fib level), $0.3036 (1.618 Fib level), and $0.40+ (breakout region).

Related article: Dogecoin Price Prediction: DOGE Faces 23% Nosedive as Whale Investors Struggle to Defend Crucial Support LevelIf Dogecoin reclaims $0.1875 and surpasses $0.24, a breakout toward $0.40 could be the next logical move. However, failure to hold $0.16 could lead to a retest of lower support levels around $0.14.

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