A popular meme coin has shown signs of recovery as it entered bullish territory with analysts showing optimism for the future of the crypto in the upcoming months. Analysts predict that Dogecoin’s current momentum will push it to a possible 318% rally, giving their insights on what is driving this move upward.

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Price Rally Around The Corner?

An analyst said in a post that Dogecoin could be heading for a 318% increase, which is possible since the breakout experienced by the meme coin aligns with its historical price movements.

“With the breakout target at $0.6533, another +318% increase to reach it can be in the works and prices may only be preparing here to do so,” JavonTM1 said.

Prices of $DOGE (Dogecoin) are still up nearly +129% since breaking out of the pictured resisting trend and with prices still broken out and in a position to confirm another set of Higher Lows, even more upside can be coming!

With the breakout target at $0.6533, another +318%… https://t.co/nhmMIkJgqv pic.twitter.com/Qum16794Li

— JAVON⚡️MARKS (@JavonTM1) March 11, 2025

JavonTM1 made the prediction after the meme coin soared by 129% following a breach of a critical resistance trendline. “Prices of $DOGE (Dogecoin) are still up nearly +129% since breaking out of the pictured resisting trend, and with prices still broken out and, in a position to confirm another set of Higher Lows, even more upside can be coming!”

The Bullish Impulse Wave

Analysts used the Elliott Wave Theory to explain the future of DOGE. According to the charts, Dogecoin’s price might be “in the middle of a bullish impulse wave.” They argued that the coin’s volume spikes showed that there was an increase in market participation, supporting the possibility of sustained upward movement.

Meanwhile, a curved trendline on the chart indicates that the meme coin has shifted from a prolonged correction phase into a breakout phase.

Last month, JavonTM1 noted that Dogecoin, hitting $0.6533, is just around the corner. “It’s only a matter of time here with such a major breakout response and climb thus far but a move above is looking more and more likely!”

Potential Rebound

Another analyst believes that DOGE is heading towards a potential price rebound, reinforcing the coin’s bullish outlook.

Ali Martinez used the TD Sequential indicator to explain the likely surge, saying that the indicator has flashed a buy signal on the daily chart, a cue used by investors to identify trend reversals.

Martinez added that this usually happens after a bearish phase, indicating that the meme coin could be moving toward the recovery phase.

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Data showed that DOGE remains in a strong position following the price breakout, indicating possible further gains.

At press time, Dogecoin is traded at $0.1720 per coin with a market cap of more than $25 billion.

Featured image from Pexels, chart from TradingView

It has been a brutal market in recent weeks. But this morning, most major meme coins have finally seen a much welcomed bounce.

That said, the Official Trump (TRUMP) token lags behind its meme coin competitors, posting middling gains comparatively, while President Donald Trump’s trade war rages on.

Sector leaders Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have rebounded 9.2%, 7.9%, and 16.3% respectively. Although the fourth largest meme coin by market capitalization, Official Trump (TRUMP), has climbed just 1.5%. It’s now down 21% over the week—the biggest weekly loss among the top five meme coins by market cap.

TRUMP launched just days before the President’s inauguration, sending the market into euphoria as traders believed a new era for crypto was upon us.

However, when the first lady launched her own token, Melania Meme (MELANIA), the TRUMP token crashed 32% over six hours. Both tokens have mostly been in the red since then. The TRUMP token has now sagged 85% from its all-time high to a $2.09 billion market cap.

At its peak, TRUMP was at $15.16 billion. That made it the second largest meme coin by market cap.

As of February 11, 9.6% betters on Myriad Markets—a prediction market owned by Decrypt parent company Dastan—believed that TRUMP will end Q1 as the top meme coin by market cap. But as of today, the share of TRUMP believers has shrunk to just 2.8%, with 68% of betters thinking it stays in fourth place and 15% thinking it falls out of the top 10 entirely.

Out of the top 10 meme coins by market cap, only Brett (BRETT) has performed worse than TRUMP over the past seven days, according to CoinGecko data, falling 25%.

The poor performance of the President’s official meme coin is likely a symptom of Trump falling out of favor in the eyes of the public.

According to pollster YouGov, 38% of US adults believe that Donald Trump is doing a “much worse” job so far in his second term than they expected. Equally, Trump’s disapproval rating has started to climb from 45.8% the week after inauguration to 48.9% last week. In doing this, 51% of US registered voters now view the President unfavorably.

Trump’s second term has already been filled with drama and controversy, including a public argument with President Volodymyr Zelensky of Ukraine. But most important, at least for crypto investors, has been his trade war with the U.S.’s largest trading partners.

Most recently, Trump’s 25% tariff on steel and aluminium came into effect. That’s caused the European Union to announce it will retaliate with “countermeasures.”

As such, the S&P 500 has also fallen 3.6% over the past five days and extended its monthly loss to 8.4, according to TradingView. With the broader traditional market bleeding, high risk assets like meme coins often also take a hit.

That said, despite the S&P 500’s continued decline of 0.76% on the day, the overall meme coin market, according to CoinGecko, has bounced 8%.

Maybe Fartcoin—which has gained 21% in the past day—really is the future of finance.

Edited by Stacy Elliott.

Dogecoin is at a critical point, with its price hovering around $0.16. Traders are watching closely, as this support level could be the deciding factor in whether the meme coin takes off or tumbles further. If history is any guide, maintaining this level could spark a rally, while losing it may bring more pain.

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Dogecoin: Key Level To Watch

The $0.16 support level is not just a random number—it has been a crucial zone for Dogecoin. If it stays above this mark, there’s a strong chance of a rebound. Past price movements suggest that Dogecoin tends to climb after testing key supports.

Some analysts believe that holding this level could lead to a breakout toward the $0.20–$0.30 range in the near term.

Crypto analyst Ali Martinez has weighed in, stating that Dogecoin’s price is following an ascending parallel channel. He believes that if the $0.16 support holds, the meme coin could surge toward $2.74 or even as high as $6.24 in a strong bullish scenario.

However, a breakdown below this level could invalidate this outlook and send the price lower.

#Dogecoin $DOGE is nearing a crucial support level at the lower boundary of this channel. Holding above $0.16 could fuel a strong rebound! pic.twitter.com/foCUdbnTFZ

— Ali (@ali_charts) March 9, 2025

Traders Adjust Price Targets

The market mood is shifting. Some traders are setting their profit targets between $0.70 and $0.80, looking for another big move. Even with recent setbacks, many people still believe that Dogecoin will reach $1.

Even if this seems far-fetched, anyone who recalls Dogecoin’s meteoric climb in 2021 knows that when momentum builds, it may surprise.

Short-term traders, meanwhile, are exercising caution and holding off on making significant trades until they receive clear signs.

The course of the next few days may determine if Dogecoin continues to trend upward or remains in its present range.

History Hints At A Possible Rally

Dogecoin’s past performance shows a pattern of major price swings after testing strong support zones. After going up from key marks in 2017 and 2021, the coin made a lot of money.

If things keep going the way they are, some experts think Dogecoin could go over $1.75 in its next bull run.

Still, it’s never easy to tell how crypto will move. External factors, such as how the market feels, Bitcoin’s price movement, and broader economic trends, will also affect the meme coin’s price route.

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Current Price Action

Currently selling at around $0.174, Dogecoin has dropped about 7% over the previous day. The low dropped to $0.16; the intraday high hit $0.1878. The meme crypto’s market capitalization now is almost $26.23 billion. Technical indicators suggest a possible rebound, but that depends on whether buyers step in at this critical level.

Featured image from Gemini Imagen, chart from TradingView