Dogecoin may be on the verge of a strong rally, thanks to bold moves from a public company. Bit Origin (BTOG), a Nasdaq-listed mining company, has announced a new cryptocurrency fund initiative, placing DOGE at the center of its strategy. This news has boosted optimism across the DOGE market as traders and analysts look for a potential "parabolic" move.
The Company's $500 Million Treasury Bond Issuance Plan Makes DOGE the Center of Attention
Bit Origin is raising $500 million, including $400 million in equity and $100 million in convertible debt, designed to support large-scale DOGE acquisition deals. Bit Origin has paid off $15 million of this debt, with part allocated for initial Dogecoin purchases.
This announcement not only triggers a surge in BTOG stock prices but also boosts optimism across the DOGE market as traders and analysts eye a potential parabolic rally.
Analyst Says DOGE 'Is About to Soar'
The buying pressure from these companies emerges just as Dogecoin's chart forms a bullish technical pattern. According to cryptocurrency analyst Captain Faibik, Dogecoin is on the verge of breaking out of a long-term descending wedge on the 2-day chart, a pattern known for its bullish implications.
Faibik wrote on X (formerly Twitter): "DOGE #Dogecoin, King of Memecoin, is about to soar." His chart shows that a successful breakout could help DOGE soar over 161%, targeting $0.63 from the current price range of $0.24.
Below Are Key Price Targets If the Breakout Is Sustained
Currently trading around $0.238, DOGE appears to be breaking out of a multi-month descending wedge pattern. Measuring the vertical distance from the widest point of the wedge (from $0.30 to $0.10 = $0.20) and forecasting upward from the breakout point suggests a short-term target of around $0.44.
It's important to note that this aligns with the upper edge of the wedge on Fabian's 2-day chart. If the uptrend continues, a more ambitious target would be around $0.63, calculated by adding the full height of the wedge ($0.20) to the breakout point ($0.43), potentially increasing by 160% from the current level.
The MACD indicator shows the MACD line has crossed above the signal line, while the CMF line is at 0.15, indicating positive capital flow into DOGE. The BoP line is at 0.61, suggesting a bullish trend dominates, while the RSI has also entered overbought territory. However, if DOGE fails to break through this threshold and falls back into the wedge pattern, strong support will be near the uptrend line around the $0.16–$0.18 price range. #Write2Earn $DOGE