Dogecoin Price Plummeted 13% Today (4/7/25): Can DOGE Reach $2?

Jakarta, Pintu News – The Dogecoin price has recently experienced a significant decline after failing to break through several important resistance levels.

Nevertheless, a number of analysts continue to show optimism about Dogecoin’s future price movements. Some projections even estimate that the DOGE price has the potential to rise to $2 in the near future.

So, how is the Dogecoin price moving today?

Dogecoin Price Drops 13.75% in 24 hours

On April 7, 2025, Dogecoin (DOGE) saw a sharp 13.75% drop within 24 hours, falling to $0.1411, or around IDR 2,403. During the day, DOGE reached a high of IDR 2,793 before sliding to a low of IDR 2,392.

As of writing, Dogecoin’s market cap stands at around $20.99 billion, with trading volume also rising 170% to $1.6 billion within 24 hours.

Read also: Bitcoin Crashes to $77,000 — Over $590 Million Wiped Out in Massive Crypto Liquidation Frenzy!

Dogecoin Price Key Support Levels

The Dogecoin price has experienced significant fluctuations over the past few years. After failing to break the $0.180 level, the price of the cryptocurrency dropped past several important support levels, such as $0.1750, $0.1720, and $0.1620.

At one point, DOGE was even trading close to the $0.1550 mark, reflecting the current bearish market sentiment.

However, analysts are keeping a close eye on Dogecoin’s movement around crucial Fibonacci retracement levels. According to crypto analyst Tarder Tardigrade, the 0.5 and 0.618 Fibonacci levels are particularly important because they are often the turning points in the battle between buyers (bulls) and sellers (bears).

In the history of Dogecoin’s price movements, the currency has usually managed to return to these levels, so they are considered strong support. Currently, the Dogecoin price is above these levels, which could signal a potential trend reversal.

Technical analysts predict that if the Dogecoin price is able to hold above these levels, there is a high probability that the price will rise in the next few months. This pattern has also happened before, where Dogecoin experienced a sharp rise after a period of consolidation at certain levels.

Read also: 1000 DOGE Price (7/4/25): Equivalent to the Price of 2 Anker 10,000 mAh Powerbanks?

Analysts Predict Dogecoin Price Could Reach $2

Currently, a number of analysts believe that the Dogecoin price has the potential to reach the $2 mark in the near future. One analyst, Tarder Tardigrade, revealed that DOGE is on the verge of a breakout.

Based on technical analysis, DOGE’s current price formation shows a pattern similar to the previous descending channel, which was then followed by a parabolic price spike.

Tardigrade highlighted that the price of DOGE could form an ascending triangle pattern in the range of $0.1732 to $0.1740, which could potentially be the starting point for an upthrust and trigger a bullish movement.

If this happens, the next resistance level is around $0.1800 to $0.1850. If the price manages to break out of this area, a larger rally is likely to occur. Based on his observations, if this trend follows the previous bull cycle pattern, the Dogecoin price could jump to $2.

In addition, another analyst named Dynamite Trade also stated that Dogecoin still maintains a bullish long-term outlook.

According to his estimation, DOGE is currently in a market cycle, and has the potential to rise to $5.00 in the next phase. This prediction is based on the bullish support patterns that have formed during previous cycles, indicating a long-term positive trend for Dogecoin.

Potential Catalyst: Dogecoin ETF Approval

One potential catalyst that could push Dogecoin’s price up comes from developments in the crypto market as a whole.

Read also: Ethereum Price Crashes 12% Today (7/4/25): ETH Faces Declining Fees and Inflation!

Now, speculation is growing about the possibility of an ETF (Exchange-Traded Fund) for Dogecoin being approved before the end of 2025. Based on projections from Polymarket, the chance of Dogecoin ETF approval is estimated at 69% until December 31, 2025.

If the Dogecoin ETF is indeed approved, it will pave the way for institutional investors to invest in Dogecoin in a more secure and regulated manner. Demand for DOGE is also expected to increase, potentially pushing its price up significantly.

In addition, the launch of the ETF could also give Dogecoin further legitimacy as an investment asset, attracting more investors, both retail and institutional.

While the existence of a Dogecoin ETF is still speculative at this point, analysts think that its approval could be a huge catalyst for a price spike. Some even predict that Dogecoin could reach new highs.

If this ETF materializes, it could be an important momentum that pushes DOGE to break through previous resistance levels and continue its upward trend.

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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. Analysts Breaks Down Why Dogecoin Price May Rally To $2 Soon. Accessed on April 7, 2025