DOGE Has Gained Momentum, Climbing 12% in the Past 24 Hours

Dogecoin (DOGE) has been making headlines in the crypto market with a 12% surge in the past 24 hours, pushing the original meme cryptocurrency to $0.17993.

The coin has also shown strong on-chain activity, which has caught the attention of both retail investors and market analysts.

This has led to discussions about the potential for DOGE to reach the $3 mark, a question many kept asking during a recent analysis session with independent market analyst Kevin.

Avoiding sensationalist predictions, Kevin broke down the specific market conditions that could make such a price target possible.

“Can it? Yeah, it can,” Kevin acknowledged during a broadcast on X.

According to the analyst, if the Federal Reserve implements the expected rate cuts in June and July, and if Bitcoin reaches the $220,000 to $250,000 range as a result, then DOGE could potentially climb to $3 or higher.

Kevin explained: “We hit the 1.618 fib in both cycles. The 1.618 fib is at $3.94 and has a 100 percent hit rate of being hit in each bull market.”

On-Chain Metrics Show Strong Activity

The recent price surge is backed by impressive on-chain metrics. Data from Santiment reveals that DOGE experienced a 41.12% increase in large transaction volume and a 34.91% jump in daily active addresses.

These metrics suggest that both retail investors and larger “whale” wallets are actively engaging with the network.

At present, this level of activity has seen better performance from DOGE in comparison to Bitcoin, which experienced double-digit declines in the same metrics during this period.

The transaction volume spike indicates growing interest in the cryptocurrency beyond mere speculative trading.

Technical Signals Point to Further Potential

From a technical analysis perspective, DOGE appears to be forming a classic cup pattern on its weekly chart. This formation typically suggests a prolonged accumulation phase has been taking place. It’s only a matter of time before $DOGE reaches a new ATH. Bookmark this post. 🐕 pic.twitter.com/ByDjHtFSxA

— CEO (@Investments_CEO) April 23, 2025

The daily chart displays additional bullish signals with a MACD crossover and RSI now above 60. The significant uptick in trading volume alongside strong green candle closures adds further credibility to the bullish case.

Dogecoin is currently encountering immediate resistance at $0.185, while the psychological $0.20 mark serves as the next target for short-term traders.

If the cryptocurrency can break through these levels, it could potentially target its previous all-time high of approximately $0.74 from 2021.

Rate Cuts Could Fuel Further Growth

The Federal Reserve’s upcoming meeting on June 12 could prove pivotal for Dogecoin’s price trajectory.

Kevin highlighted that alt-coins “are oscillators to Bitcoin [and] to monetary policy,” implying close ties between DOGE’s performance and broader market conditions.

If the Federal Reserve implements the expected rate cuts, it could create the loose monetary conditions that usually benefit cryptocurrency prices.

However, Kevin also outlined a more conservative scenario where less aggressive policy easing would limit DOGE’s growth to “previous all-time highs or $1.”

For investors focused on risk management, Kevin advised concentrating on market sentiment over specific price aims.

“When sentiment gets into a euphoric stage and you have indicators on higher time frames super-overheated, you need to be taking profits,” he concluded.

With the current market conditions, many DOGE supporters are speculating on whether the cryptocurrency can not only reclaim its previous all-time high but also potentially reach the $1 mark or beyond.

Although prices of $3 or more might seem optimistic, Kevin believes that historical patterns suggest such moves shouldn’t be disregarded.

“To deny that it can happen would be stupid,” he stated.

For now, Dogecoin continues to attract attention as one of the best-performing cryptocurrencies. It will be interesting to observe whether the cryptocurrency can maintain this momentum and achieve the lofty price targets being discussed.

As the market evolves, traders will be closely watching key resistance levels around $0.20-$0.25, which could determine whether DOGE has the strength to make a serious run toward its previous highs.