- Dogecoin is showing strong signs of a bullish reversal after bouncing off a key support level, with analysts predicting a potential rally to $1 or higher starting in July.
- Technical indicators and renewed market optimism suggest DOGE could reach as high as $1.40, marking a new all-time high.
Dogecoin (DOGE) may be gearing up for a major price explosion this July. This sentiment comes from renewed optimism pushing the meme coin closer to the long-anticipated $1 milestone.
After a sharp correction over the weekend, DOGE has shown signs of strength, leading top analysts to forecast an imminent rally.
The discussion began with analyst WIZZ, who highlighted a bullish Dogecoin setup in a tweet on Tuesday. DOGE had recently dropped to an intraday low of $0.142 on Sunday, following a broader market pullback.
However, the coin swiftly rebounded by nearly 17% in tandem with Bitcoin’s recovery, climbing back to $0.166 at the time of writing.
DOGE Bounces Off Crucial Support
Analyst Chris, whose technical analysis was cited by WIZZ, shared further insights on June 24. He noted that Dogecoin’s recent dip touched a multi-year support trendline, which has historically acted as a launchpad for upward moves.
This same support level had previously spurred a rebound in October 2023, triggering an ascending channel marked by higher highs and higher lows.
Chris suggested that the $0.142 correction represented a healthy higher-low formation and could signal the end of DOGE’s recent downturn. With momentum now building, he projected that Dogecoin could resume its upward trajectory and target the upper boundary of the rising wedge, with a bold forecast of $1 to $1.40.
July Rally Incoming?
According to Chris, July could be the key month where Dogecoin breaks out, driven by strong technical support and renewed bullish sentiment. If DOGE reaches $1.40, that would mark a 743% rally from its recent low and push the asset to a new all-time high.
He also cautioned investors to take profit at key resistance levels during the move.
This isn’t the first time analysts have predicted a $1 DOGE. Galaxy Research has previously projected Dogecoin would hit the milestone before the end of 2025.
Javon Marks, another prominent analyst, has targeted $1.25 in his forecast, citing a continuation pattern on DOGE’s chart. Likewise, analyst Henry projected a 511% surge after identifying a breakout from a falling wedge pattern earlier in March.
Dogecoin’s resurgence has reignited bullish calls across the crypto space, with multiple analysts now eyeing the $1 mark as a realistic short-term target. With strong technical foundations, favorable market conditions, and widespread investor enthusiasm, July could indeed prove pivotal for the beloved meme coin.
As always, investors are advised to watch price action closely and consider risk management strategies, even in the face of potentially explosive gains.