- Dogecoin shows bullish continuation signals, aiming for a full market cycle expansion from its June 2022 base.
- Fibonacci projections suggest a major upside target, with multiple resistances expected to be retested and broken again.
From the market low in June 2022, Dogecoin has recorded a remarkable increase. According to technical analysis from Master Ananda, the price of DOGE had skyrocketed by more than 880% to reach a peak in December 2024, which occurred right around the Fibonacci extension level of 0.618.
But Ananda is not finished there. He assessed that the next price target is at $1.17—a projection that implies a potential increase of around 591% from the current position.
Assuming that target is achieved, DOGE’s total growth from the bottom of the bear market will touch 2,281%. If you imagine it simply, that means an increase of more than 23 times. But of course, nothing goes up forever. Along with each phase of the increase, there is always a correction waiting at the end.
Dogecoin Faces Key Resistance as Whales Hold the Line
Dogecoin is currently in a consolidation area between $0.14 and $0.17, with the last price recorded at around $0.1643. In the past seven days, the price has increased by 7.71%. But it’s not just the price that’s moving—its daily trading volume has also exploded, increasing by more than 84% and now stands at $724 million. Even a week ago, CNF noted that DOGE’s trading volume had jumped 51% and reached $1.71 billion.
However, the price movement has not been completely free from pressure. DOGE is currently still stuck below the psychological resistance of $0.168.
At almost the same time, there was also a token unlock worth $11.6 million this week—equivalent to 0.08% of the circulating supply. This happened amid the dominance of whales who control 41.7% of the total supply. If they release some of their holdings, volatility could immediately spike.
On the other hand, speculation about the Dogecoin ETF also added to the heat. After 21Shares officially submitted an ETF proposal for DOGE, the Polymarket prediction platform showed that the chance of a DOGE ETF launching in 2025 has now increased to 51%.
This is reminiscent of the Bitcoin ETF narrative that pushed prices to new highs in early 2024. However, some analysts remain skeptical. They argue that Dogecoin does not have the institutional appeal that Bitcoin does.
Furthermore, DOGE is also starting to penetrate new sectors. Bhutan, a small Himalayan country, is now accepting Dogecoin for travel payments via Binance Pay at over 1,000 local merchants. This move seems to be aimed at attracting high-spending crypto-using tourists, not just traditional tourists.
Master Ananda himself believes that the main resistance is around $0.59, followed by DOGE’s old peak at $0.74. If DOGE is able to break through these two areas, then the new ATH level could be around $1.05, before finally reaching the final target of $1.17. He also added, “Above US$1.00. There is no reason for the market to stop lower than that.”
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