Can DOGE Really Rocket to $3.40? Analyst Points to Historic Wedge Pattern and Triple-Top Setup!
Jakarta, Pintu News – Dogecoin (DOGE) experienced a significant price increase of 6.6% on July 7, bringing its value up to $0.1743 with a market capitalization of $26.15 billion.
According to market analysts, Dogecoin’s price surge is due to accumulation by whales as well as increased participation from retail investors. DOGE’s trading volume has now grown to 4.59% of its market capitalization, a percentage that is considered highly unusual.
Bearish Signals Dominate Despite Potential Bounce
Although Dogecoin recorded gains today, technical analysis shows that market conditions are still in a bearish scenario, according to a crypto analyst’s post on the X platform.
Read also: Dogecoin Dips on July 8, 2025 — Could Elon Musk’s Political Backing Trigger the Next DOGE Moon?
The price of DOGE briefly dropped to $0.17196 after hitting a recent high of $0.3515. The bearish trend score of -44 and the StochRSI indicator showing overbought conditions signaled a potential pullback, which served as a warning to traders expecting further gains.
Major resistance is at $0.2271, in line with the bearish SuperTrend signal, while immediate support lies around $0.150.
If the price falls below this zone, then further declines are likely, pushing the price closer to the long-term bottom around $0.13. Failure to maintain positions above this support level could lead to a longer bearish phase.
TheAverage Directional Index ( ADX) stands at 23.78, signaling a weak trend, and the Relative Strength Index (RSI) at 50.52 indicates market direction uncertainty.
Traders face volatile market conditions with high volumes and no clear directional trend. It is recommended to set astop-loss around $0.160 to limit the risk of further price drops.
Analysts predict Dogecoin could soar above $3.40
DOGE is still moving in a descending wedge pattern on the daily chart since reaching the $0.48 area. Although the price briefly declined, the long-term support level at $0.13 is still maintained.
Read also: 5 Reasons Why BONK Meme Coin Could Shatter Its All-Time High – Is the Next Big Rally Coming?
The last time this support level was broken was in the fourth quarter of 2024, when Trump won the election. After that, DOGE experienced a very rapid rally. A similar parabolic move could happen again if history repeats itself.
However, the repeated testing of the $0.13 level is a cause for concern-if there is a break below, it could mark the beginning of a deeper price correction.
Tardigrade Trader crypto analysts believe that DOGE is replicating a long-term trend that has been observed since 2014. In previous cycles, DOGE hit bottoms in 2015, 2020, and 2023 before entering a rally phase.
He expects a big surge in the second half of 2025, and if this pattern continues, DOGE is expected to break above $3.40.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- Tron Weekly. Dogecoin Bulls Target Explosive Rally Toward $3. Accessed on July 8, 2025