Emily Walker
Dogecoin has surged nearly 150% this month, as the popular meme coin experiences significant momentum. Crypto analyst Alan Santana has shared his thoughts on the drivers behind this increase and its potential sustainability.
Factors Behind the Dogecoin Price Surge
In a recent TradingView article, Santana referred to Dogecoin’s monthly chart to identify the catalysts for its price rally. He pointed out that this month marks a notable bullish breakout and represents the strongest green month since the 2021 bull market. He drew parallels to January 2021, which also saw a similar surge, leading to an extended bullish phase.
Santana emphasized that the current rise does not indicate a peak, but rather signals the start of a bullish cycle, suggesting that more significant rallies for Dogecoin could be on the horizon. For those uncertain about the situation, he recommended looking at the monthly chart, revealing that this month has recorded the highest trading volume since 2021. Additionally, a long-term resistance level and a downward trend have been broken, indicating the end of a three-year period of price consolidation.
This three-year consolidation phase could herald a powerful bull market, which Santana believes is already unfolding. He reassured that regardless of how high the price climbs this month, it is just the beginning. However, he cautioned that price fluctuations and corrections may occur, but these could provide opportunities to take profits at resistance levels and reinvest at support levels. Santana affirmed that Dogecoin still has substantial growth potential with no upper limit in sight.
Further Growth Expected
In a post on X, crypto analyst Kevin Capital shared a view similar to Santana’s, indicating that the most significant price increases for Dogecoin might still be forthcoming. He analyzed the current price level and Relative Strength Index (RSI) on the monthly timeframe, comparing them to previous bull cycles.
If the current level and RSI hold, he believes significant growth could be in store for the DOGE bull run. Crypto analyst Trader Tardigrade has posited that Dogecoin could potentially reach $8.7 by August 2025 if it follows the trajectory of the 2017 bull run, or climb to $30 by March 2025, akin to the 2021 bull run.
As of now, Dogecoin is trading at approximately $0.40, having declined over 6% within the last 24 hours, according to CoinMarketCap data.