Dogecoin Drops 3% Today (March 7) – Is a Breakout to $6 on the Horizon?

Jakarta, Pintu News – Dogecoin (DOGE) price fell 3% on March 7, 2025, marking a correction amid high crypto market volatility. Despite the decline, analysts remain optimistic that DOGE still has the potential for a significant breakout, with a price target of $6.24 if key support levels hold.

Currently, Dogecoin is still trading within an ascending parallel channel pattern, which is historically often followed by price spikes. Is this correction only temporary before DOGE shoots higher?

Dogecoin price drops 3.79% in 24 hours

On March 7, 2025, Dogecoin (DOGE) saw a 3.79% decline over the past 24 hours, trading at $0.1976 (approximately 3,246 IDR). During this period, DOGE reached a high of 3,575 IDR before dipping to its daily low of 3,128 IDR.

At the time of writing, Dogecoin’s market cap stands at around $29.28 billion, with trading volume rising 47% to $2.06 billion within 24 hours.

Read also: Ethereum Price Drops 3% Today (March 7) – Is Plummeting Social Sentiment a Signal for a Rebound?

What happened to the Dogecoin price today?

Dogecoin Price Outlook and Expert Predictions

On Wednesday (6/3/25), crypto analyst Ali Martinez shared his analysis on X, mentioning that Dogecoin (DOGE) was briefly trading in an ascending parallel channel pattern.

He also hinted that as long as the support level at $0.16 remains intact, the chances of a breakout towards $2.74 or even $6.24 are still open.

According to CoinMarketCap data, Dogecoin is currently (6/3/25) ranked 9th in the global digital asset market. The memecoin is trading at $0.2039, having risen 2.47% in the last 24 hours.

Since its introduction to the market, Dogecoin has continued to maintain its presence thanks to the support of a loyal community and great interest from whales.

Furthermore, Ali Martinez’s technical analysis shows that DOGE is trading within a clear parallel channel pattern. Historically, when Dogecoin consolidates in this pattern, there is usually a significant breakout.

If the price of DOGE remains above the $0.16 support level, the next potential target is $2.74 at the mid-channel, with the possibility of reaching $6.24 at the upper limit of the channel.

DOGE Price Trend and Future Outlook

Dogecoin (DOGE) has followed a sharp price increase pattern during the bull market cycle.

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In 2021, the price of DOGE surged from under $0.01 to reach an all-time high (ATH) of $0.739, driven by retail hype and support from Elon Musk. Currently, DOGE is up 2.47% in the last 24 hours, showing signs of renewed interest in the short term.

On the technical front, indicators favor a bullish outlook. The Relative Strength Index (RSI) is recovering from oversold levels, while the Average Directional Index (ADX) is at 27.95, indicating that a bullish trend is forming.

If the price of DOGE manages to break the $0.26 and $0.30 levels, further upside potential could be triggered. In addition, in the previous price analysis, the increase in the number of wallet addresses and positive network metrics further strengthen the expectation that DOGE has the potential for a significant breakout in the near future.

Will the Dogecoin ETF be a Game Changer?

The crypto market is abuzz with speculation about a Dogecoin (DOGE) ETF. Several large companies such as Grayscale, CoinShares, and WisdomTree have filed ETF applications with the US Securities and Exchange Commission (SEC), signaling serious institutional interest in the asset.

If the DOGE ETF is approved, it could attract institutional investment, increase liquidity, and provide long-term stability for the asset. With regulatory sentiment starting to shift towards a more crypto-friendly direction and Dogecoin’s strong presence in the market, a price target of $6.24 is becoming increasingly realistic.

However, investors should still monitor Bitcoin trends, regulatory developments, as well as key support levels that could affect the direction of DOGE’s price movement.

As long as DOGE stays above $0.16, and no major external factors shake up the market, the opportunity for a significant breakout remains wide open.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Analyst Predicts Dogecoin Price Rally to $6.24 on These Conditions. Accessed on March 7, 2025