A bullish multi-year chart formation—reignited by a 75% gain since the mid-April market bottom—has strengthened long-term Dogecoin price forecasts with potential 3x upside.
This renewed momentum has reintroduced Dogecoin to the “best crypto to buy” conversation, as speculative appetite cautiously returns to the market.
Still, broader economic uncertainty is placing a ceiling on near-term momentum.
With looming US-EU tariffs and investors seeking out safe-haven assets like Bitcoin and gold against a weakening dollar, the altcoin market is stagnant.
Traders are Positioning for an Upward Move
While still far from the post-inauguration rally’s $5.4 billion peak, DOGE is currently maintaining open interest at February levels at $2.7 billion according to CoinGlass Data.
Dogecoin open interest. Source: CoinGlass.
With recent market FUD easing, the door has opened to bullishness.
Traders appear to be positioning for a bullish continuation, with the Binance long-to-short ratio of 2.88—74% of derivative traders have bet on price increases.
Whales also appear to be accumulating, according to Santiment data. Wallets holding between 100 million and 1 billion DOGE now control 26.5 billion coins—up from 22.8 billion in January.
Similarly, wallets with holdings between 10 million and 100 million DOGE have expanded their share to 23.8 billion tokens, signalling broad-based accumulation among large holders.
Dogecoin Price Analysis: How DOGE Could Surge 225%
Dogecoin is currently trading within a multi-month descending channel, forming the handle of a massive 4-year cup-and-handle pattern.
The uptrend forming since the mid-April market bottom has pushed the Dogecoin price to retest its upper boundary, affirming the descending channel.
In the event of a breakout, the pattern currently sets a target around $0.75—a 225% gain from current prices.
For now, DOGE continues to consolidate between $0.215 and $0.255, just below this key resistance.
Momentum remains neutral, with the RSI holding slightly above the midpoint at 51.
Despite signs of whale accumulation and active derivatives positioning, buyers haven’t yet gained meaningful control over sellers.
The MACD line mirrors this complacency with a marginal lead above the signal line after a recent golden cross—typically a bull signal on the weekly chart.
A stronger catalyst will likely be needed to spark the next retail wave. The June 15 deadline for a US spot Dogecoin ETF decision could be that trigger.
In the meantime, traders should look for a decisive breakout of the consolidation zone to rule out a rejection.
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