Dogecoin Price Prediction: Altcoin Season To Start When DOGE Pumps?

Dogecoin (DOGE) is currently trading at $0.166, experiencing a decline of over 3% in the last 24 hours and a 6.8% decrease over the past week. A recent analysis indicates a negative funding rate, suggesting traders are betting against DOGE. The high Network Value to Transaction (NVT) ratio further suggests a prevalence of speculation over actual usage. Without increased interest, a drop to $0.10 is possible, unless DOGE breaks through the $0.18 resistance level.

Despite this, some analysts remain bullish on DOGE's prospects. Remembering its previous all-time high of $0.73 in May 2021, analysts predict a potential surge towards $1 if it surpasses this previous peak. Analyst Ali Martinez notes DOGE is testing a key support level at $0.167. Holding above this level could lead to a rebound to $0.175, potentially reaching $0.183.

Analyst GreenCrypto's TradingView chart shows DOGE forming an Ascending Wedge pattern, suggesting a potential long-term upward trend since 2023. A continuation of this pattern could result in a breakout and a new all-time high of $1.161, representing a 582% gain. However, a fall below the key support level of $0.177 could trigger further downward price movement.

Analyst Cas Abbé suggests a DOGE price pump is crucial for initiating the next altseason. Historically, DOGE rallies have often preceded altcoin seasons since 2017. To trigger the next rally, DOGE needs to break above $0.22, potentially coinciding with the upcoming altseason. The recent accumulation of over 100 million DOGE by whale wallets further strengthens the possibility of a price increase. With altcoin season approaching, these indicators suggest a potential significant price surge for Dogecoin.