Dogecoin price heading towards $3, is a parabolic rise waiting? Here’s what analyst Ali Martinez has to say!

Jakarta, Pintu News – Dogecoin (DOGE) is showing strong bullish momentum with a 5.38% gain after bouncing off a key support level. Now, the cryptocurrency is aiming for a potential rally towards $3. The rapid growth of the Dogecoin network, with an increasing number of new addresses, signals a strengthening ecosystem that could support a significant price spike.

Technical Analysis Shows Upside Potential

Ali Martinez, a crypto analyst, highlighted Dogecoin’s critical position in a price channel. According to Martinez, Dogecoin is currently at a significant support level that will determine its next direction. “If this support holds, we might see a rebound towards the middle or upper limit of the channel,” Martinez said, indicating a possible bullish recovery to $3 and higher.

In addition, based on the Stochastic RSI, the Dogecoin price could experience a parabolic rise. On two previous occasions in October 2023 and February 2024, when the Stochastic RSI showed a bullish crossover, the price of DOGE surged by 88% and 187% respectively.

Also Read: Bitcoin’s RSI Dominance Down? Crypto Analyst Seth Says Altcoin Market Opportunities Await!

Dogecoin Network Growth Shows Increasing Adoption

Martinez also explained that the Dogecoin network has undergone an expansion over the past month. The number of new DOGE addresses has doubled from 16,400 to 34,600. This increase signifies the growing interest and adoption of the Dogecoin network, reflecting its continued prominence in the cryptocurrency market. Not only does this growth indicate increased usage, but it also increases investor confidence in Dogecoin’s long-term potential.

Dogecoin Price Pattern Indicates a Bull Run

A crypto trader, Tardigrade, has identified a recurring pattern in Dogecoin’s price action that suggests a potential bullish trend. According to Tardigrade, DOGE usually forms an initial low when the Relative Strength Index (RSI) enters the oversold zone. This is followed by a second lower low with a similar RSI reading.

Tardigrade notes that if this historical pattern continues, Dogecoin may be on the verge of a significant bull run. Currently, the Dogecoin price is trading up 5.7% at $0.172 with DOGE futures open interest increasing over 4% to $1.40 billion and 24-hour liquidation surging beyond $7.24 million.

Conclusion: Bright Prospects for Dogecoin

With supportive technical analysis, significant network growth, and favorable price patterns, all indicators suggest that Dogecoin may experience a significant price increase in the near future. Investors and crypto enthusiasts should pay attention to this dynamic as it could bring opportunities that should not be missed.

Also Read: Will ETH Fall Below $1,500 Before the Market Recovers? Here’s the Price Pattern Analysis! (3/13/25)

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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. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Coingape. Dogecoin Price Eyes $3 Target as DOGE Bounces from Crucial Support. Accessed on March 14, 2025
• Featured Image: Generated by AI