TLDR
- Dogecoin (DOGE) has surged 12% in the past 24 hours, outpacing Bitcoin in transaction volume and network engagement
- Analyst Kevin suggests DOGE could reach $3 if the Federal Reserve makes rate cuts in June/July and Bitcoin reaches $220,000-$250,000
- On-chain metrics show a 41.12% spike in large transaction volume and 34.91% jump in daily active addresses for DOGE
- Technical analysis shows a cup formation pattern on the weekly chart, suggesting potential breakout toward all-time highs
- DOGE currently trades at $0.17993, with immediate resistance at $0.185 and the psychological $0.20 mark as short-term targets
Dogecoin (DOGE) has gained momentum in the crypto market, climbing 12% in the past 24 hours and currently trading at $0.17993. The original meme cryptocurrency is showing strong on-chain activity that has caught the attention of both retail investors and market analysts.
The price movement comes as independent market analyst Kevin recently addressed the question many DOGE enthusiasts keep asking: can Dogecoin reach $3? While avoiding sensationalist predictions, Kevin outlined specific market conditions that could make such a price target possible.
“Can it? Yeah, it can,” Kevin acknowledged during a broadcast on X. He explained that if the Federal Reserve implements expected rate cuts in June and July, and if Bitcoin reaches the $220,000 to $250,000 range as a result, then DOGE could potentially climb to $3 or higher.
Kevin pointed to historical patterns, noting that “Dogecoin has hit in both cycles the 1.618 fib. The 1.618 fib is at $3.94,” and adding that this level has a “100 percent hit rate of being hit in each bull market.”
On-Chain Metrics Show Strong Activity
The recent price surge is backed by impressive on-chain metrics. Data from Santiment shows DOGE recorded a 41.12% increase in large transaction volume and a 34.91% jump in daily active addresses.
These metrics suggest that both retail investors and larger “whale” wallets are actively engaging with the network.
This level of activity has DOGE outpacing even Bitcoin, which saw double-digit declines in the same metrics during this period.
The transaction volume spike indicates growing interest in the cryptocurrency beyond mere speculative trading.
Technical Signals Point to Further Potential
From a technical analysis perspective, DOGE appears to be forming a classic cup pattern on its weekly chart. This formation typically suggests a prolonged accumulation phase has been taking place.
It’s only a matter of time before $DOGE reaches a new ATH.
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The daily chart shows additional bullish signals with a MACD crossover and RSI now above 60. The significant uptick in trading volume alongside strong green candle closes adds further credibility to the bullish case.
DOGE currently faces immediate resistance near $0.185, with the psychological $0.20 mark serving as the next target for short-term traders.
If the cryptocurrency can break through these levels, it could potentially target its previous all-time high of approximately $0.74 from 2021.
Rate Cuts Could Fuel Further Growth
The Federal Reserve’s upcoming meeting on June 12 could prove pivotal for Dogecoin’s price trajectory. Kevin emphasized that alt-coins “are oscillators to Bitcoin [and] to monetary policy,” suggesting that DOGE’s performance will be closely tied to broader market conditions.
If the Federal Reserve implements the expected rate cuts, it could create the loose monetary conditions that typically benefit cryptocurrency prices.
However, Kevin also outlined a more conservative scenario where less aggressive policy easing would limit DOGE’s growth to “previous all-time highs or $1.”
For investors looking to manage risk, Kevin advocated focusing on market sentiment rather than specific price targets. “When sentiment gets into a euphoric stage and you have indicators on higher time frames super-overheated, you need to be taking profits,” he advised.
The current market conditions have many DOGE supporters speculating about whether the cryptocurrency can not only reclaim its previous all-time high but potentially reach the $1 mark or beyond.
While prices of $3 or more might seem ambitious, Kevin argues that historical patterns suggest such moves should not be dismissed outright. “To deny that it can happen would be stupid,” he stated.
For now, DOGE continues to attract attention as one of the standout performers in the current market cycle. Whether it can maintain this momentum and achieve the lofty price targets being discussed will likely depend on a combination of Federal Reserve policy decisions, Bitcoin’s performance, and continued retail interest in the cryptocurrency.
As the market evolves, traders will be closely watching key resistance levels around $0.20-$0.25, which could determine whether DOGE has the strength to make a serious run toward its previous highs.
