Dogecoin Price Rallies 12%, Analysts Eye $0.30 Target

Dogecoin (DOGE) experienced a 12% price surge today, mirroring broader positive momentum in the cryptocurrency market. At the time of writing, DOGE is trading at $0.1905, while SHIB's price is at $0.1905, representing a significant 124% increase over the same period, pushing its market cap to $1.56 billion (data from CoinMarketCap).

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This rally began yesterday following the U.S. Federal Reserve's announcement to maintain current interest rates. DOGE's market capitalization has since increased by 5%, reaching $28.4 billion. Technical analysis via TradingView reveals DOGE had been forming a falling wedge pattern since February. However, the price broke out this morning (1:26 EST) with considerable upward momentum. This pattern often signals bullish sentiment among traders, particularly given the previous downward trend between $0.48 and $0.13. The price is now testing resistance at $0.27 (approximately 14% above the current price), a level also containing a potential supply zone that could trigger a price dip. This zone warrants close observation.

The Moving Average Convergence Divergence (MACD) indicator has turned positive on the 4-hour chart, with the MACD line crossing above the signal line and growing histogram bars supporting the upward trend. Other indicators also suggest a bullish outlook. The Relative Strength Index (RSI) is currently around 62, indicating bullish dominance and a market rally. However, its proximity to the overbought zone suggests potential short-term pullbacks. The Bollinger Bands show DOGE has broken above the upper band, which can sometimes indicate rapid price increases. Sustained price levels above this band, coupled with increasing trading volume, would strongly signal bullish momentum.

Furthermore, DOGE continues to attract attention due to new exchange-traded product (ETP) filings from firms like 21Shares and Osprey Funds. 21Shares submitted an application to Nasdaq on April 29, 2025, to list a DOGE ETF ("21Share Dogecoin ETF"), currently awaiting approval.

Crypto analyst Ali Martinez recently highlighted a long-term trendline on X, suggesting a potential surge to $0.30, contingent on a price dip to around $0.14.

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