Indicator Signals ‘Buy’ for Dogecoin: Here’s Why DOGE Price Spike to $15 Is Possible

January 23, 2025

Yesterday, news broke out that there will be weekly livestreams featuring Elon Musk and Vivek Ramaswamy, where they discuss recent developments in the Department of Energy (D.O.G.E.). Of course, almost immediately, tokens on both Ethereum and Solana's ecosystem were created with the same name. We will be focusing mostly on the one on Ethereum since in this ecosystem there are more PolitFi traders who can drive the price up. Is Dogecast the Next Big Meme Coin? Current market cap of Dogecast on this network is around $7 million and this could potentially go much higher, especially when Elon starts tweeting about it. He actually already confirmed 2 days ago that there will be weekly updates about DOGE. However, he still needs to use the actual word "Dogecast" and this could go bananas. https://twitter.com/DogecastETH/status/1857685094166667413 A lot will also depend on how frequently Elon discusses this topic and when the podcast actually launches. According to reports, it's starting "soon," and once the official date is announced, it could potentially benefit the price as traders will have a specific date to focus on. This kind of concrete timeline often creates anticipation in the market. Of course, note that this is a new meme coin that relies mostly only on a narrative that could be hot in the upcoming days but it also depends on their CTO and team. If they decide to rug pull, it can easily go to 0. However, if they don't do that and narrative stays hot, we are potentially looking at $50 million market cap or even $100+. Remains to be seen in any case.

Crypto analyst Ali described a development in Dogecoin’s price chart. The TD Sequential indicator has presented a buy signal on Dogecoin’s 4-hour chart, suggesting a potential price reversal is on the horizon.

The 4-hour candlestick chart for Dogecoin (DOGE) against Tether (USDT) reveals some interesting insights. Prior to the buy signal, the chart showed a consistent downward price trajectory. Recently, the candlesticks have displayed signs of indecision, with doji-like and small-bodied candles indicating potential market hesitation.

What you'll learn 👉

Understanding the Buy Signal

Ali points out that the “9” displayed on the chart is a critical TD Sequential buy signal. This technical indicator is often used to identify trend exhaustion and potential market turning points. The signal suggests that the recent bearish momentum might be weakening, hinting at a possible price rebound.

Currently, Dogecoin is trading around $0.35012. The chart shows resistance near $0.36500 and potential support below at $0.34500. Traders will be watching closely to see if the price can break through these key levels.

The ETF Catalyst Could Catalyze DOGE Price to $15

Adding fuel to the bullish speculation, a new Delaware filing by Bitwise for a Dogecoin ETF has caught the market’s attention. Ali believes this development could be a significant catalyst, even suggesting the possibility of Dogecoin reaching $15.

New Delaware Filing: BITWISE DOGECOIN ETFhttps://t.co/QzRx7rQDXa
— Tree News (@News_Of_Alpha) January 22, 2025

A logarithmic scale chart of Dogecoin’s price history reveals an interesting trend channel spanning from 2017 to the present. The cryptocurrency has historically respected this channel’s boundaries, with a notable peak during the 2021 crypto bull run near $0.7.

While the $15 price prediction might seem ambitious, the long-term logarithmic chart shows potential for exponential growth. However, reaching such a price point would require massive market interest and potentially unprecedented adoption of the cryptocurrency.

Despite the bullish signals, traders should approach with caution. The broader market sentiment and the ability to sustain price levels above $0.35000 will be crucial in validating this potential reversal.

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