Updated technical analysis as of June 7, 2025:
Technical patterns and momentum indicators suggest that the price of Dogecoin #Doge🚀🚀🚀 may be on the verge of a significant bullish move, with the potential to reach $1 based on current setups.
Here are the latest details:
🔍 The Relative Strength Index (RSI) indicates potential bullish momentum:
The RSI for DOGE has returned to the 50 level for 3 days, a historical level that has previously been followed by significant price increases. The RSI is currently settling in the 'yellow zone' near 50, repeating previous patterns that led to increases exceeding 100% in value, as analyst Tardigrade noted on X.
📈 A bullish pattern supports upward expectations:
The current chart for DOGE shows similarity to the breakout structure in late 2023, where a descending wedge pattern was followed by a brief consolidation before a rise to the $0.45-$0.60 range. The current pattern, which includes a triangle formation and a consolidation area, suggests the potential for this scenario to repeat, with possible targets at $0.60 and above.
🛡️ Key support and resistance:
DOGE's price is stabilizing at strong support around $0.185, with repeated bounces from this level over the past two months. The 50-day moving average (MA 50) is currently a major resistance. Breaking through this level could open the way to targets at $0.21, $0.25, $0.31, $0.36, up to $0.45, according to analyst Jonathan Carter. Breaking the $0.25 level could pave the way to reach $1 if momentum continues.
📡 On-chain data supports the bullish trend: The trading volume of DOGE derivatives rose by 8.89% to $3.28 billion, with an increase in open interest by 2.65% to $2.11 billion. The volume of DOGE options surged by 98.13%, with open interest in options rising by 33.20%. The buy/sell ratio on platforms like Binance exceeds 2.5 in favor of buying, reflecting the optimism of major traders. $2.55 million in short positions were liquidated out of a total of $3.8 million in the past 24 hours, indicating dominance of long positions.
🔥 The parabolic structure boosts optimism: DOGE's price has emerged from the base 3 in the parabolic structure, focusing on base 4 above $1. Analysis highlights $0.187 as a key liquidity area, with potential targets at $0.313, $0.3597, up to $0.40 if resistance is cleared. 💰 Current price (June 7, 2025): DOGE is currently trading at around $0.1782 (according to CoinMarketCap), bouncing from a daily low of $0.175, showing slight positive momentum. Despite a 10.5% decrease over the past week, a 3.7% increase over the last 24 hours reflects continued interest.
🌟 Will DOGE reach $1?
Bullish expectations are supported by recurring technical patterns, on-chain momentum, and investor optimism. However, the market remains volatile, and factors such as tensions between Trump and Elon Musk (as mentioned in X posts) may affect short-term momentum. Breaking the $0.1989 level (the first resistance) will be crucial to confirm the bullish trend towards $0.3-$0.5, with the potential to reach $1 if institutional and community support continues.
📢 Final word:
With continued institutional interest (such as the potential approval of DOGE ETF funds) and strong community support, DOGE may be poised to achieve the $1 target in 2025. Monitor support and resistance levels and stay updated with market news!
#Dogecoin #DOGE: #crypto #Binance