The Dogecoin price target is $0.2290 as the signal indicates a rise in price.

Dogecoin has doubled after bottoming out at $0.1275 earlier this month, and technical indicators suggest that the price could rise by 45%. Dogecoin rose to $0.17 on Tuesday as Bitcoin, most altcoins, and the stock market recovered. It remains 65% lower than the peak in November last year. Dogecoin Price Analysis The daily chart shows that the price of DOGE is likely to surge, potentially reaching a significant resistance level of $0.2285, over 45% higher than the current level. It has formed a descending wedge pattern since November. The upper part of the wedge connects the highs since December 8, while the lower part connects the lows since last November. These two trend lines are about to converge, which is often where a breakout occurs. DOGE has moved above the upper trend line of the wedge, signaling a potential breakout. The bullish outlook is further supported by the formation of a double bottom pattern at the level of $0.1445. Additionally, the Relative Strength Index has crossed above the neutral level of 50, indicating that momentum is building. The Stochastic Oscillator has also surged into the overbought territory. These technical indicators suggest that DOGE is likely to rise in the coming days, especially if Bitcoin continues to rise to the psychological level of $100,000.

Potential Catalysts for Dogecoin Dogecoin has many fundamental catalysts that could push its price up in the coming weeks. Paul Atkins has become the new Chairman of the Securities and Exchange Commission, raising the possibility that he will approve a spot DOGE ETF. Grayscale and Rex-Osprey have applied for a spot ETF, which could lead to significant inflows. Moreover, the price of DOGE may rise as large whales continue to accumulate tokens. The chart below shows that the number of holders from 100 million to 1 billion tokens is on the rise.

Dogecoin may also benefit from the ongoing downturn in the U.S. economy. In a recent report, the IMF warned that Trump's tariffs would impact both the U.S. economy and the global economy. The IMF forecasts that global growth will slow to 2.8% this year, down from 3.3% in 2023, while the U.S. economy is expected to slow to 1.8% from 2.8% last year. Although an economic slowdown is often undesirable, it can actually help boost cryptocurrency prices by prompting intervention from the Federal Reserve. DOGE and other cryptocurrencies have historically performed well during periods when central banks cut interest rates.