- Crypto analysts forecast a 60% price rally for Dogecoin as daily active addresses reached its monthly peak.
- Predictions of Dogecoin rallying towards $0.3 have grown, alongside backing fundamentals.
Onchain market analyst Ali Martinez has predicted a bold price outlook for Dogecoin (DOGE). Martinez predicted that the price of DOGE could increase by 60% from the current levels. His forecast coincides with a 110% spike in Dogecoin’s daily active addresses, the highest seen in a month.
Dogecoin Primed for 60% Price Rally
According to Ali Martinez, DOGE could see a 60% price increase if it breaks out of a symmetrical triangle pattern. As of this writing, DOGE was trading at $0.15, down 3.7% over the previous day. Thus, a 60% rally will bring the price of DOGE to $0.27.
Based on Martinez’s analysis, the formation of a narrowing triangle pattern is close to a breakout point. At the same time, the consolidation range has narrowed due to both buyer and seller hesitation.
The analyst emphasized that DOGE is primed to see a 60% rally if it breaks out from the triangle’s upper trendline. Notably, this trendline lies between the $0.16 and $0.22 range. A breakout above this level is significant as it would mark the highest for DOGE since January.
However, a symmetrical triangle does not always lead to a price surge. Rather, the future price direction of DOGE will depend on its ability to overcome key resistance or breach support. Therefore, DOGE may crash by 60% to $0.064 if it breaks below the lower trendline support of $0.16.
Meanwhile, DOGE recently recorded a spike in daily active addresses. According to Santiment data, these addresses jumped 110% in just two days, rising from around 66,000 to 140,000.
On Wednesday, June 18, Dogecoin daily active addresses reached 165,740, the highest level in one month. This surge suggests a high user interest and engagement in DOGE, often a sign of a potential price breakout ahead.
What Technical Indicators Show
According to the four-hour chart, the bearish momentum that caused a 25% decline over the last month shows weakness. The Relative Strength Index (RSI) indicator also made higher lows in the past two days.
This indicates that selling pressure is easing and a resumption of buying pressure. An RSI value above 50 will indicate that the momentum is back to bullish.
Moreover, the Awesome Oscillator (AO) indicator has flipped green, indicating that bulls dominate the market. A cross above the zero line could kickstart a strong rally for DOGE that may match analyst Martinez’s 60% target.
A recent spike in DOGE whale activity further supports the potential bullish rebound. As we covered in our latest report, DOGE whales purchased about 280 million DOGE tokens, worth over $50 million. This accumulation pushed addresses containing 10 to 100 million DOGE to 24.47 billion.
In a recent study we reported on, analysts predicted a 17% gain for DOGE by the close of June 2025. Based on the price at the time, the projected 17% rally targets DOGE at $0.265. Speculations were also raised that DOGE could hit $0.31, amid a possible collaboration with Solana (SOL).
