Emma Nelson 
After months of consistent decline, Dogecoin’s price may be on the verge of a major rebound, potentially leaving the bears behind and setting its sights on a fresh rally. Analysts are now calling the bottom for the dog-themed cryptocurrency, with expectations that it could surge ahead. This optimistic outlook comes amid growing discussions surrounding the potential approval of a Dogecoin ETF by the U.S. Securities and Exchange Commission (SEC), adding a layer of excitement to the market.
Dogecoin Price
Dogecoin Poised for a Fresh Rally as the Bottom is Confirmed
On-chain analysts are increasingly confident that Dogecoin (DOGE) is ready for a significant upward price movement, fueled by several positive technical indicators. A well-known pseudonymous analyst, Trader Tardigrade, pointed out that Dogecoin appears to be following a macro channel, which he believes indicates that the bottom has been reached for the popular memecoin.
Tardigrade emphasized that despite some deviation at the edge of the channel, the most recent price movements have suggested that Dogecoin is on track to continue within this channel. He stated that if Dogecoin manages to stay within this channel and not deviate further, it would confirm that the bottom has been established, paving the way for an imminent upward surge. “If DOGE remains within the channel without deviation this time, it has already reached the bottom,” the analyst explained, adding weight to the growing bullish sentiment around the coin.
Early Signs of a Resurgence
Supporting Tardigrade’s analysis, on-chain expert Ali Martinez shared similar thoughts on Dogecoin’s potential for a strong resurgence. According to Martinez, the early signs of this resurgence are already visible, with Dogecoin rebounding from a key support level. Traders are now setting their sights on $3 as a key price point to monitor. “Something big could be brewing for Dogecoin,” Martinez remarked, expressing confidence that a strong rebound is imminent for the memecoin.
This sentiment is also echoed by many other experts in the field, who believe that Dogecoin’s price could soon experience a significant breakout. Many analysts are now pointing to a breakout target of $0.6533, a price level that could indicate a massive 318% upswing for Dogecoin in the near future. The charts show higher lows, which many technical analysts are interpreting as an indication that Dogecoin is currently in a bullish wave, as per Elliot Wave Theory.
Increased Market Activity and Whale Accumulation
Beyond technical analysis, on-chain data also confirms an increase in the activity surrounding Dogecoin, adding further fuel to the bullish narrative. A recent surge of 270% in active addresses suggests growing interest in the cryptocurrency, with more users engaging in transactions and activity within the Dogecoin ecosystem. Furthermore, analysts have pointed to the rising accumulation of Dogecoin by whales, indicating that large investors are taking positions in anticipation of a price rally.
In terms of fundamental factors, the potential approval of a Dogecoin ETF by the SEC stands out as one of the most important catalysts for a dramatic price increase. Should the SEC approve such an ETF, it could send Dogecoin’s price soaring by triple-digit percentages, significantly boosting its market value. At the time of writing, Dogecoin is trading at $0.1647, with daily trading volumes sitting at a solid $1.44 billion, indicating healthy liquidity in the market.
Conclusion: A Positive Outlook for Dogecoin
The growing optimism surrounding Dogecoin is rooted in a combination of positive technical indicators, increasing market activity, and potential fundamental catalysts. Analysts are expecting a strong price rally as the bottom for Dogecoin is now believed to have been confirmed, with potential targets suggesting significant gains in the coming weeks. Whether driven by the approval of a Dogecoin ETF or continued whale accumulation, the outlook for Dogecoin appears brighter than ever, and investors may be on the verge of seeing substantial returns as the memecoin prepares for its next major price move.
