Dogecoin (DOGE) Predicted to Increase by 2x, Is It Time to Buy?

Jakarta, Pintu News – Dogecoin (DOGE), the largest meme currency, is currently holding above the $0.1869 support level. With unfavorable crypto market conditions for other altcoins, Dogecoin (DOGE) is showing significant resilience.

Recent analysis suggests that there is significant upside potential possible in the near future. Will this be an opportunity for investors to see substantial gains?

Dogecoin (DOGE) Technical Analysis

On the daily chart (2/6), Dogecoin (DOGE) failed to break the long-standing resistance line near the 50% Fibonacci level at the psychological $0.25 mark.

Read also: Dogecoin Surges Today (June 3) — But a Major Whale Just Started Sellin, is a Crash Coming?

As a result, a bearish reversal occurred where Dogecoin (DOGE) broke the 200-day, 100-day, and 50-day EMAs to test the 23.60% Fibonacci level at $0.1869.

Although there were a few Doge candles with long tails that appeared over the weekend, this suggests that the meme currency could still maintain its position above the support level.

However, the MACD indicator and the signal line have formed a bearish crossover and are close to the center line, signaling increasing bearish momentum. If the MACD and the signal line continue to decline, the possibility of a deeper correction in Dogecoin (DOGE) will increase.

Also, the downward movement of the 50- and 100-day EMAs has delayed a possible bullish crossover that could signal a trend reversal.

Derivatives Market and Liquidation

Although Dogecoin (DOGE) experienced a short-term pullback, the derivatives market remains neutral towards this meme coin. Dogecoin (DOGE) open interest remains relatively unchanged at $2.05 billion, while the long-to-short ratio at 0.9972 is nearly balanced.

However, liquidation data showed a slight bearish trend, with long liquidations increasing to $2.44 million, compared to $1.77 million in short liquidations.

Despite the greater removal of bullishly-oriented traders, continued trading activity suggests a mild bullish bias.

This was supported by a surge in the funding rate to 0.0069%, reflecting optimism among Dogecoin (DOGE) traders. This increases the likelihood of a leverage-driven recovery that could complete the bullish pattern.

Read also: Top 5 Altcoins to Buy for June 2025

Analyst Predictions and Upside Potential

Adding to the bullish outlook, crypto analyst Tardigrade has highlighted the potential for a new bull run in Dogecoin (DOGE).

The analyst points to the breakout of the base-three pattern in a gradual parabolic curve formation.

At the end of the third base, the analyst predicts that Dogecoin (DOGE) could deliver a 2x return, potentially surpassing the $0.50 psychological level.

Overall, with various technical indicators and market analysis in favor, as well as predictions from reputable analysts, Dogecoin (DOGE) seems to be on the verge of a significant rise.

Investors and traders should monitor key support and resistance levels and derivatives market dynamics to make informed investment decisions.

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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:

• The Crypto Basic. Dogecoin Holds Above $0.18, Analyst Predicts 2x Rally Ahead. Accessed on June 3, 2025