Dogecoin price (DOGE) is showing increased bullish momentum after surging nearly 40% in a week, outpacing the broader crypto market’s 8% rise. The move carried DOGE to highs near $0.29 before a sharp pullback to $0.26, according to data. Despite the dip, analysts say momentum and on-chain readings suggest this rally may not be finished.
DOGE Price Prediction: Buy the Dip Before a Run Toward $0.60?
Edward (@Defi_Edward), a crypto analyst with almost 120,000 X followers, noted DOGE price broke out of a multimonth symmetrical triangle, a classic bullish continuation setup. Trading volumes more than tripled during the breakout, signaling conviction from buyers.
Measured moves put the breakout target around $0.60, a 95% jump from current prices. A nearer-term ceiling at $0.45 could act as resistance before DOGE attempts another leg higher.
For the bullish setup to hold, Edward highlights that Dogecoin price must defend its 50-week EMA near $0.227. Losing that level could drag prices back toward the 200-week EMA at $0.215, invalidating the breakout narrative.
Meanwhile, the Relative Strength Index (RSI) remains below the overheated 70 threshold, leaving technical room for continuation before risk of exhaustion sets in.
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On-chain metrics reinforce the bullish case. DOGE’s MVRV Z-Score sits near 1.35, a level that has historically preceded rallies. During May 2021’s euphoric peak, the same year the meme coin surged over 20,000%, the same metric soared above 20. This suggests holders aren’t yet sitting on oversized profits, leaving “room to run,” Edward said.
He also pointed to a historical echo: in November 2024, Dogecoin jumped 230% after a similar MVRV reading.
Another popular market analyst, Ali, also flagged a TD Sequential buy signal on the 4-hour chart, urging traders to “buy the dip.”
Dogecoin ETF Launch Concerns
Beyond charts, regulatory headlines loom large. As BanklessTimes reported today, Rex-Osprey is set to launch the Dogecoin ETF (DOJE) on September 18 under the Registered Investment Company (RIC) Act, bypassing the SEC’s stricter 19b-4 review process.
While faster to market, the RIC structure allows derivatives exposure and carries higher tax burdens, raising concerns that the product could dilute demand compared to spot Bitcoin and Ethereum ETFs.
Analysts at Bit2Me warn that the lack of institutional credibility may limit inflows, especially as the SEC weighs spot DOGE ETF applications from 21Shares and Grayscale in mid-October.
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