Dogecoin Analysis: Can DOGE Hold Above $0.30 and Target $0.42?

As the crypto market bounces back to $3.2 trillion, the meme coin segment has risen to $73.6 billion. Amid the rising segment, Dogecoin has increased by 5.10% in the past 24 hours.

As the biggest meme coin nears the $40 billion market cap, DOGE currently trades at a market price of $0.2653. Amid the increasing momentum, will Dogecoin start a parabolic rise to achieve the $1.01 mark in the next alt season?

DOGE’s Price Channel and Growth Potential

Amid the possibility of a bullish reversal, analyst Ali Martinez highlights a massive potential in Dogecoin. As per his latest tweet, DOGE price trend maintains a rising channel pattern in the weekly chart.

Currently, it is aiming for a bounce back from the lower boundary line to start a new positive cycle. Based on the rising channel, the upper boundary line of the rising channel pattern hints at a potential rally towards the $4 milestone.

This marks a massive potential for Dogecoin. Revealing the possibility of a bull run in altcoins, a recent tweet from IntoTheBlock reveals room for growth in the number of daily active addresses.

As compared to the 2021 bull market, the numbers haven’t returned to previous peaks. This reveals the entry of retail traders hasn’t occurred yet.

Hence, with the potential surge in the number of daily active addresses in the altcoin segment, the demand for meme coins like DOGE and SHIB is likely to skyrocket.

Dogecoin ETF Approval: A Game Changer for Institutional Investment?

Adding support to the bullish sentiments, James Seffart has recently tweeted about the increased possibility of a DOGE ETF. The ETF’s potential approval of the Dogecoin ETF will result in a massive overflow of institutional funds for DOGE, driving its market price higher.

As per the tweet, the odds of approval of a Dogecoin ETF in 2025 have risen to 75%. Furthermore, the tweet also highlights the firms that have filed S-1 requests for DOGE ETFs, which are Grayscale and Bitwise.

Finally, the view of SEC towards DOGE as a commodity comes as a likely yes. Hence, with the increasing chances of an ETF, the market price could shortly enter for a parabolic rise.

Bullish Reversal Signs in Dogecoin Price Analysis

In the daily chart, the DOGE price action reveals a rounding bottom reversal from a crucial support at $0.24. With two consecutive bullish candles, Dogecoin’s price has increased by nearly 7% within 48 hours.

Along with the bullish recovery, the momentum indicators are suggesting a turnaround in Dogecoin. The daily RSI line is taking a bounce back from the oversold region.

Furthermore, the stochastic RSI lines are rising after the recent positive crossover.

DOGE Price Targets: How High Can DOGE Go?

As the bullish recovery gains momentum and the overall Dogecoin sentiment improves, the upside potential for the meme coin is continuously growing. In the short term, the immediate price target for DOGE remains the $0.30 supply zone followed by the $0.42 mark.

On the flip side, the crucial support remains the $0.24 mark and the $0.20 psychological support.