Dogecoin (DOGE), the original meme coin, is once again at the center of crypto market speculation, with analysts forecasting a massive rally.
According to cryptocurrency technical and on-chain analyst Ali Martinez, the token could surge 104% to reach $0.82, provided it holds the critical $0.37 support level. Martinez shared this bullish outlook on November 19, citing DOGE’s breakout from a bull flag pattern—a well-known technical indicator that often signals continued upward momentum.
Renowned pseudonymous macroeconomist and trader Milkybull also weighed in on DOGE’s potential, stating, “Another wave of rallies is loading for $DOGE as it broke out of the bull flag. The interesting thing about the bull flag in a bull market is that it rarely fails.”
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Adding to the bullish sentiment, chartist and pattern analyst Trader Tardigrade highlighted similar technical patterns.
“Non-stop bullish signals on Dogecoin daily chart. $DOGE is now BREAKING OUT from a bullish pennant again. Target at $0.83.”
But perhaps the boldest projection comes from Captain Faibik, who envisions a much longer-term breakout for the meme coin.
“DOGE—it’s just the beginning! In the first half of 2025, I have a feeling it could potentially hit $2.”
Dogecoin technical analysis
Dogecoin is currently trading at $0.4 up 11% in the last 24 hours, with a market cap of $56.66 billion and 24-hour trading volume of $9.16 billion—a 30.32% increase. While DOGE is down 3.65% over the last 7 days, it has gained an impressive 170.85% in the last month.
On a yearly scale, Dogecoin has risen 377%, outperforming 84% of the top 100 crypto assets, including heavyweights like Bitcoin and Ethereum. Technically, I have observed Dogecoin is trading well above its 200-day simple moving average and has had 19 green days in the last 30 days (63%). However, traders should note that overbought conditions could trigger a pullback in the short term.
Technical analysis shows that DOGE faces support at $0.32715 and resistance at $0.42978, key levels that traders should monitor closely. Breaking above the resistance could pave the way for further gains, while failing to hold support could temper the bullish outlook, especially as the meme coin’s resurgence comes at a time when market sentiment is broadly positive.
Dogecoin’s strong performance in the last year underscores its appeal as more than just a joke coin, with increasing adoption and liquidity supporting its price movements. As analysts speculate on a potential rally to $0.82 or beyond, traders are advised to proceed with caution.
While technical signals appear favorable, overbought conditions and broader market volatility could lead to sharp corrections.
