Potential Dogecoin (DOGE) Rally: Could the Meme Coin Surpass $2?
Anticipation is building around Dogecoin (DOGE) as it gears up for what could be an unprecedented surge, possibly pushing the meme cryptocurrency beyond the $2 mark. This optimistic projection comes from the insights of the well-regarded pseudonymous technical analyst, Master Ananda.
Historical Perspective: Dogecoin’s Previous Bull Run
Delving into the historical data, Ananda emphasizes Dogecoin’s impressive bull run from 2020 to 2021, which spanned 420 days and achieved an extraordinary price increase of 65,527%. This surge propelled Dogecoin to its peak value of $0.74.
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Post-peak, Dogecoin experienced a prolonged downturn, transitioning into a consolidation phase that has persisted for 1,155 days as of June 2022.
Current Market Analysis: Dogecoin’s Uptrend
In a recent TradingView analysis dated August 17, Ananda highlighted the ongoing uptrend that began in October 2023. This upward momentum has sustained for 672 days, exhibiting robust performance within a rising parallel channel.
DOGE’s Key Resistance Levels to Watch
Ananda identifies several critical resistance levels that could influence Dogecoin’s trajectory. The initial target is $0.47, anticipated to be reached within the month. A retest of the previous high near $0.74 is expected to follow, with the subsequent target at $1.166—a pivotal resistance level likely to shape the cycle’s direction.
Should the bullish momentum replicate previous market patterns, Dogecoin might explore uncharted territories, with Fibonacci extension targets identified at $1.85 and $2.55.
Institutional Interest and Market Dynamics
On the institutional front, potential interest could provide additional impetus for Dogecoin’s growth. Notably, Grayscale Investments has submitted a filing with the SEC to transform its Dogecoin Trust into a comprehensive exchange-traded fund (ETF), aiming for a listing on NYSE Arca.
If this proposal gains approval, it would allow both retail and institutional investors to access regulated Dogecoin exposure without relying on crypto exchanges or digital wallets.
This move places Grayscale in direct competition with industry players like Bitwise, Rex Shares, Osprey Funds, and 21Shares, all vying to introduce the first U.S.-regulated Dogecoin ETF. Decisions regarding these applications are expected between October 2025 and early 2026.
Dogecoin Price Analysis
As of the latest report, Dogecoin is trading at $0.23, reflecting a 1.3% increase over the past 24 hours, although it has decreased by 1% over the week.
At present, DOGE’s 50-day simple moving average (SMA) is positioned at $0.2122, with the 200-day SMA at $0.18. The price remaining above these averages suggests a continuation of the broader bullish trend.
Furthermore, the 14-day relative strength index (RSI) stands at 53.05, placing Dogecoin in a neutral zone, indicating potential for further upside without being overbought or oversold.
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