Dogecoin Breakout Ahead? Analyst Sees 3x Rally on the Horizon

Crypto analyst World Of Charts has sparked renewed interest in Dogecoin, predicting a potential 300% price surge. This prediction is based on a pattern observed in October 2024, which the analyst believes is repeating. Recent price increases and on-chain data appear to support this possibility.

October Pattern Repeats?

On April 13, 2025, World Of Charts posted a Dogecoin technical analysis on X (formerly Twitter), highlighting a breakout structure mirroring the one that resulted in a 3x price increase in late 2024. The analyst, having accurately predicted the previous surge, suggests similar conditions are now present. Their analysis shows Dogecoin breaking above a long-term descending trendline—a bullish signal—suggesting a potential upside exceeding 213%, further supporting the 300% price increase prediction.

Dogecoin Price Action and Market Data

According to CoinGecko, Dogecoin is currently trading at $0.1661, with a 24-hour range of $0.1616 to $0.1681. Its market capitalization is approximately $24.2 billion, making it the 8th largest cryptocurrency. 24-hour trading volume reached $886 million.

Dogecoin's price has risen 8.1% in the past week, bolstering bullish sentiment among traders and long-term holders.

Elon Musk's Enduring Influence

While technical indicators are positive, Dogecoin's price remains highly sensitive to social sentiment. Elon Musk's continued influence is a significant factor. For example, his December 14, 2021 announcement that Tesla would accept Dogecoin for merchandise resulted in a 24% price spike in a single day. His pronouncements continue to significantly impact the meme coin market, often causing rallies exceeding technical predictions.

Investors should consider both technical analysis and social sentiment, including the impact of celebrity endorsements, when evaluating meme coin investments like Dogecoin, as noted by Turkish NY Radio.

References

• World Of Charts – Dogecoin Analysis on X
• CoinGecko – Dogecoin Market Data
• Elon Musk Announcement – Tesla and Dogecoin (2021)