Dogecoin Plunges After Strong Rally — Can It Mount a 230% Comeback?

Jakarta, Pintu News – The price of Dogecoin (DOGE) has surged nearly 40% in the past seven days, outpacing the overall crypto market which has only risen about 8% in the same period.

As the most popular meme coin, Dogecoin is now showing potential for further price increases in the coming weeks, driven by a combination of technical factors and on-chain data.

Then, how is the current Dogecoin price movement?

Dogecoin Price Drops 6.08% in 24 Hours

On September 15, 2025, Dogecoin’s price dropped by 6.08% over the past 24 hours, trading at $0.2733, or approximately IDR 4,492. During the same period, DOGE fluctuated within a range of IDR 4,463 to IDR 4,795.

As of this writing, Dogecoin’s market capitalization is estimated at around IDR 683.94 trillion, with a 24-hour trading volume of approximately IDR 81.72 trillion.

Read also: Ethereum Holds Steady at $4,600 on September 15 — Surge in Open Interest Raises Key Questions

DOGE Price Has the Potential to Rise Up to 95% After Breakout

Dogecoin’s (DOGE) weekly price chart shows a breakout from the symmetrical triangle pattern that has formed over the past few months – a continuation pattern that is considered bullish.

As of Saturday, the price of DOGE was around $0.296. But more importantly, the trading volume at the breakout more than tripled, indicating a very strong upward momentum.

Technically, the price of DOGE now has the potential to rise as high as the apex of the triangle, with the breakout target being around $0.60 – up about 95% from the current price – which is expected to be reached in October.

Some chart analysts such as CryptoKing and CryptoGoos estimate the target of this triangle pattern to be slightly lower, at around $0.45. This target is in line with the upper trendline of another broader long-term triangle pattern, as shown in the chart.

Dogecoin’s Relative Strength Index (RSI) indicator also reinforces this bullish signal, as its value remains below the overbought threshold (70), giving room for further gains.

However, the DOGE bulls need to defend the support area at the 50-week exponential moving average (50-week EMA; red wave) around $0.227 to confirm the validity of this scenario.

If DOGE closes below that level, prices could be at risk of dropping towards the 200-week EMA around $0.215.

Read also: Bitcoin Hits $116K Today — On-Chain Indicators Flash Bullish, Is $122K Next?

Can DOGE Repeat the 230% Rise Like Last November?

Currently, Dogecoin’s MVRV Z score is hovering around 1.35 (as of Saturday) – a level that in previous cycles has often appeared just before major rallies, including the 230% spike that occurred in November last year.

The MVRV Z-Score is an indicator that measures whether the DOGE is being priced too high or too low compared to the average price at which the holder purchased the asset.

A very high score (especially above the red area) signals the market is hot as investors hold onto large unrealized gains.

Conversely, a very low score (below the green area) indicates the asset is likely undervalued, where most holders are below or close to their purchase price.

For example, in 2021, DOGE’s Z-Score briefly jumped above 20 when the price peaked at $0.70 – a clear signal that the market was overbought.

However, the current score of only 1.35 gives the opposite signal: most DOGE holders haven’t made big gains yet, which means there’s still plenty of room for the price to rise before it enters overbought conditions.

This further strengthens the view that DOGE still has significant growth potential in the coming weeks.

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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:

• Cointelegraph. Dogecoin targets $0.60 next after DOGE price gains 40% in one week. Accessed on September 15, 2025