Dogecoin Price Holds at $0.2226 as Analysts Predict a 174% Rally to $0.65

Dogecoin (CRYPTO: DOGE) is trading at $0.2226 with a 3% increase over the past 24 hours, despite a 1.05% drop last week. With a record 42.35% increase in the past month, investors are optimistic, especially as analysts are forecasting that Dogecoin can reach $0.65. A 174% rise from current levels comes amid growing user activity, a precursor to stronger demand.

Crypto analyst Javon Marks says that Dogecoin has broken a long-term downtrendline that started after its all-time 2021 high of around $0.70. According to Marks, the move above the technical level indicates DOGE may be on the verge of a new bullish trend. Marks is looking at $0.65 as a viable mid-term target, with even higher targets at $0.74 and $1.25 if the trend continues.

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Dogecoin must overcome key resistance levels, most notably the $0.25–$0.26 range, which has served as a technical ceiling on multiple occasions over the past few months. Analyst Ali Martinez sees the range as a turning point. On previous attempts this year, DOGE was pushed back at $0.24–$0.28 levels, typically returning to $0.15.

Per on-chain activity, Dogecoin wallets are up over 110% in the last week, and new addresses are up over 100%. Zero-balance wallets, which tend to indicate new user interest or reactivation, are up 155%. 

There's a breakthrough in trading volume by Dogecoin. In an amusing turn of events, DOGE saw a 95% surge in 24-hour transaction volume, reaching over $2.8 billion in 24 hours. The dramatic spike has placed Dogecoin ahead of some of the other top-ten cryptocurrencies in volume, capturing trader interest without complex utility or DeFi use.

The volume rise may act as a catalyst for bullish pressure, especially if it is accompanied by rising demand from retail and institutional investors. DOGE’s open interest has been moving with volatility in the futures market, indicating that traders are closely anticipating larger price movements.

Given that the SEC is considering a wave of spot crypto ETFs, Dogecoin’s technical proximity to Litecoin (CRYPTO: LTC) and Bitcoin (CRYPTO: BTC), whose technical origins are similar, could help it ride the next wave of institutional inflows.

DOGE needs to stay above $0.21 in order to keep its bullish structure intact. A break below the level could nullify the current uptrend and invite severe corrections.

Dogecoin lingers between bullish optimists expecting a breakout and cautious bears expecting a reversal. But with rising volume, wallet activity, and long-term goals making headlines, the meme coin still has a bright future ahead.

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