Dogecoin (DOGE) has jumped 10% over the past week, with analysts forecasting ambitious price targets up to $3 during its third cryptocurrency market cycle. The popular meme coin maintained support above $0.18 after posting a 5% gain in the last 24 hours.
Technical analysis shows DOGE breaking out of a downward trend pattern on daily charts, suggesting renewed bullish momentum. Market experts point to historical data indicating potential gains of over 1,160% based on previous cycle patterns, which could push prices beyond $2.28.
"The current market position aligns with Dogecoin's third major bull cycle, supported by increased utility and broader market adoption," noted crypto analysts tracking the asset's performance.
Trading data reveals DOGE facing immediate resistance near $0.21, a level considered key for maintaining upward momentum. A breakthrough could open paths to $0.22 and potentially $0.25 in coming months. Technical indicators support the bullish outlook, with the Chaikin Money Flow (CMF) at 0.19 showing positive capital flows.
The optimistic projections come as Bitcoin holds above $88,000 and Ethereum trades above $2,000, creating favorable conditions for alternative cryptocurrencies. As Bitcoin maintains its position above $100,000, Dogecoin's trajectory remains closely tied to overall market sentiment and regulatory developments. Market participants also note increased trading volumes in meme coins, with speculation building around a potential Dogecoin ETF.
However, traders should note downside support levels at $0.17 and $0.15, which could come into play if selling pressure emerges. The MACD indicator crossing above the signal line suggests continued upward movement may be likely in the near term.
As Dogecoin enters its third market cycle, growing institutional interest and mainstream adoption could help drive prices toward these ambitious targets, though investors should approach such projections with appropriate caution.