Dogecoin (DOGE) Price Surges by Almost 2% as the Crypto Market Rebounds

The crypto market has recently rebounded from its turmoil, increasing by 1.30% to reach $2.65 trillion. In tandem with this trend, Dogecoin (CRYPTO: DOGE) has seen a surge in price, rising nearly 2% over the past day.

What Happened: As reported by CryptoELITES on X, we might see Dogecoin price reach $5. To strengthen their analysis, they presented a historical chart that signals Dogecoin price’s target of $5.

On the other hand, Trader Tardigrade has identified the formation of a 5-wave Descending Broadening Wedge on the 4-hour chart, indicating an impending breakout. Following a confirmed RSI bullish divergence, Dogecoin ($DOGE) rebounded to test the descending resistance line of the wedge. According to the analyst’s predictions, Dogecoin could reach $0.1780.

During the last crypto market correction, Dogecoin dipped by nearly 20% falling from $0.22 to $0.17. However, large Dogecoin investors or whales have utilized the opportunity to amass 1.7 billion DOGE worth $298 million in just 72 hours.

Reflecting on this increased whale activity, analyst Lumen projected Dogecoin price’s surge to $0.5. He added that the target is possible if DOGE surges past $0.2 before the ETF approval.

Interestingly, crypto expert DOGECAPITAL positios that the Dogecoin price could reach an ambitious point of $90 by the end of 25.

Also Read: SEC Delays Decision On First Bitcoin Futures ETF Despite Anticipation

The SEC has reportedly delayed its decision on approving ETFs for Dogecoin (CRYPTO: DOGE), XRP, Solana and Litecoin despite growing anticipation. However, ETF Store President Nate Geraci remains optimistic, asserting that the ETFs will ultimately be approved.

Pivotal Target: $2

It’s worth noting that $2 has been a pivotal target for the Dogecoin price. Many crypto experts have predicted DOGE’s potential rally targeting around $2. For instance, Dogecoin co-founder Billy Markus projected Dogecoin price’s possible surge to $2.3, marking a staggering 500% uptick.

Similarly, analyst Javon Marks underscored DOGE’s potential to hit $2.3, citing historical patterns. According to Changelly, the coin will reach the projected $2.3 by July 2032.

At press time, DOGE traded at $0.1614, up 3.64% over the past 24 hours. Despite the daily surge, the coin experienced massive declines of 17% and 34% over the past week and month, respectively.