The price trajectory for $DOGE has signalled yet another bullish trend for the market. According to Ali Martinez, the multi-year ascending parallel channel that $DOGE seems to be trading inside right now indicates a bullish target of $15 in the future.
At the press time, Doge is trading at $0.3761, up 2.52% as compared to the same time last day.
A technical analysis pattern that depicts a price trend rising over time is a multi-year ascending parallel channel. An alternative name for it is a rising channel pattern.
DOGE Sees Price Rise Amid Trump Victory Rally
The prediction for $DOGE’s price rise comes at a time when the token has seen extremely optimistic trading days, especially after the victory of Donald Trump in the 2024 elections.
The asset is now at its highest price to date in 2025 and is the sixth largest cryptocurrency by market capitalization. It has increased by 17.5% in the last seven days, making it one of the most successful digital coins and tokens.
Also Read: Dogecoin Whales Accumulate Over 1 Billion DOGE Amid Optimism Of Price Rally
Doge and The Musk Connection
When Elon Musk, the richest man in the world, began promoting Dogecoin on Twitter (now X), the cryptocurrency, which trades as DOGE, developed a cult following.
In 2021, it reached new heights and was listed among the top 10 cryptocurrencies by market capitalization.
Musk, who has acknowledged that he is not actively involved in cryptocurrency, began discussing the coin once more when endorsing President-elect Trump during the campaign trail.
Now, with the victory of Donald Trump in the elections and Elon Musk’s closeness to the incoming president, investors have been overly optimistic about Doge prices.
Also Read: Dogecoin Sees Surge In Whale Activity With $90 Million Acquisition In Last 2 Days
$DOGE Price Prediction: What to Expect in The Near Future?
For the near term, sentiment for Doge’s price is bullish, according to market indicators. This optimism is shown via the the Fear & Greed Index which currently stands at 76 (Extreme Greed).
Over the past 30 days, Dogecoin has experienced 8.27% price volatility and 16/30 (53%) green days. With 27 technical analysis indicators indicating optimistic signs and two indicating negative signals, the overall sentiment for Dogecoin price prediction is bullish.
Additionally, market parameters show that Dogecoin’s 200-day SMA will increase during the course of the upcoming month, reaching $0.242189 by February 19, 2025. If the optimism continues, Dogecoin’s short-term 50-day SMA is predicted to reach $0.34961, during the coming one month.
An indicator that is widely used to determine if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum oscillator. The DOGE market is now in a neutral position, as indicated by the RSI reading of 50.03.