The Dogecoin Price Chart Shows a Rise of 285% to 0.8630 USD

Dogecoin is still in a narrow range, falling 53% from its peak in November, but the cup and handle pattern forming suggests the price will surge to $0.8630 and higher. The Dogecoin Token ( DOGE ) is trading at $0.2200 on Sunday, up 68% from its November low. It remains the largest meme coin in cryptocurrency, with a market capitalization of over $32 billion. Technical analysis of Dogecoin price indicates a recovery The weekly chart shows that the price of DOGE peaked at $0.7390 in 2021 when Elon Musk pumped money into it. After that, the price fell sharply and bottomed out at $0.048 in June 2022. This coin has gradually formed a cup and handle pattern at the level of $0.4522, the highest point in November last year and May 2021. The C&H pattern consists of two parts. The cup has a round bottom and the handle is horizontal. The handle can be pulled back or has some fixed parts. In the case of Dogecoin, the handle is a pullback from the high of $0.4522 in November down to $0.1295. The price breakout will occur when the DOGE price rises above the cup’s upper level at $0.4522. The profit target in the Cup and Handle model is determined by measuring the depth of the cup and projecting that distance upward from the top rim of the cup. In this case, the cup has a depth of 92%, leading to a target price of $0.8630, an increase of 295% from the current level.

Potential catalysts for DOGE price The price of Dogecoin is recovering with potential catalysts. First, as the chart below shows, there are signs that whales are accumulating this coin. Those holding between 100 million to 1 billion coins currently hold 26.5 billion coins, up from 22.8 billion in January. Similarly, those holding between 10 million to 100 million coins have increased their position to 23.8 billion.

Another potential catalyst will be the approval of four DOGE ETF funds by the Securities and Exchange Commission. Companies like Bitwise, Grayscale, 21Shares, and Rex Shares have all applied for these funds. Ultimately, the price of Dogecoin will skyrocket if Bitcoin ( BTC ) continues its strong upward trend as many experts, including those from BlackRock, Bitwise, and Ark Invest, have predicted.