Key Highlights:
- Dogecoin price spiked 4.7% as an analyst eyes a 500% rally.
- The bullish pattern hints at a breakout of $0.90.
- Traders are bullish on DOGE as momentum builds.
Dogecoin price showed some life on April 21 after jumping 4.7% in 24 hours to trade at $0.1618. This spike came in the wake of Bitcoin’s own rally, which saw BTC break above the $87,400 mark.
However, a daring new prediction from a renowned cryptocurrency analyst that calls for a stunning 500% surge in DOGE is what has people talking. Is Dogecoin preparing for takeoff?
Analyst Projects 500% Price Increases for Dogecoin
Steph shared the forecast on X, backed by a detailed chart analysis highlighting a recurring pattern in DOGE’s price behaviour. This suggests that the meme coin could be on the verge of a significant breakout.
Steph’s chart of Dogecoin price action covers from Q2 2024 to around Q2 2025, giving two push-pull periods of DOGE price glimmer for 129 days.
The first period saw the the price of DOGE go parabolic after breaking the consolidation zone, reaching around $0.43, a whopping 501% increase since the breakout, before correcting to around $0.13.
Now the analyst suggests that this “bottom signal” foreshadows another explosive rally, predicting a price target of $0.90, which is 501.60% higher than current levels.
Dogecoin Price Analysis: Bearish Clouds Parting for a Bullish Moonshot?
Dogecoin is staging a comeback. After a bearish beatdown, the 12-hour chart shows DOGE carving higher lows near the $0.147–$0.152 demand zone, signalling smart money is scooping up cheap coins.
The price is still tussling below the 50-day simple moving average (SMA) but toward the $0.17-$0.18 zone. This level acts as the next immediate major resistance that has rejected bulls multiple times. However, strong rejection wicks and small-bodied candles scream a breakout is brewing.
The relative strength index (RSI) at 53.54 indicates slightly bullish vibes, with room to surge higher. According to data from Coingecko, the trading volume is picking up on green candles, but DOGE needs a spike to confirm a move above $0.165.
Traders who go long at $0.166 can aim for $0.18-$0.20 in the short term. However, in the long term, a break above this range with volume could send the Dogecoin price to $0.259, 40% gains from the current price.
Futures Traders Are Going Long on DOGE
Over on Coinglass, data reveals that open interest in Dogecoin futures is rising alongside the price. That typically means traders are opening long positions, adding more fuel to the rally.
Still, it’s crypto—nothing is guaranteed. Some market watchers are warning that DOGE could see another dip before any serious rally gets underway. So while Steph’s prediction is exciting, it’s not a sure thing.
Whether Dogecoin blasts off to $0.90 or takes another detour south, one thing’s for sure: it’s not going unnoticed. The meme coin is once again in the spotlight, showing the kind of unpredictable and exciting behavior that keeps traders glued to their screens. For believers in DOGE, the next few weeks could be very interesting.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
