Dogecoin’s bullish Livermore Cylinder pattern signals a breakout, with analysts eyeing $1.5 as whale accumulation and volume surge.
The Dogecoin cryptocurrency has experienced a 38% increase in price over the past 30 days and is purportedly exhibiting a bullish trend. It has entered a bullish pattern, as per Crypto analyst TradingShot, which can elicit a parabolic rally to $1.5. The analyst also suggested that the dominant meme coin could reach double digits.
TradingShot stated in a TradingView post that the Dogecoin price is currently within a Livermore’s Cylinder, which implies that the meme coin may soon experience a significant increase to as high as $1.5. According to the analyst, it has been trading within a bullish megaphone for most of its Bull Cycle, which began on October 9, 2023, at the low. TradingShot continued to state that DOGE has been in a state of significant accumulation and is poised for a breakout above $1.
According to trader Tardigrade, a renowned cryptocurrency analyst, the July price chart also exhibits indications of a potential surge. As per the analysis, Dogecoin has attained the consolidation top and may enter a “pump” phase to generate new price peaks. The meme coin may require a boost from the overall market rebound to accomplish this surge, as it is currently trading at approximately $0.23.
What Other Factors Could Elevate DOGE?
Another prospective source of growth for Dogecoin is its recent whale activity. In fact, whale activity near the meme coin has reached levels that have not been observed in months. Large accounts accumulated more than 1.08 billion DOGE tokens during a 48-hour period earlier this week. This is equivalent to approximately $250 million in investment capital. The market is experiencing renewed participation, as evidenced by the 77% increase in trading volume to $6.43 billion last week.
The price prediction for July 31 by CoinCodex indicates that the token is anticipated to actively explore the $0.25 price point. The token is expected to experience a significant increase in value and reach a new price apex of $0.31 by mid-August. “The current Dogecoin price prediction indicates that the price will increase by 16.71% and reach $0.308261 by August 21, 2025.
The current sentiment is favorable, as indicated by our technical indicators, and the Fear & Greed Index is currently at 72 (Greed). Over the past 30 days, Dogecoin has experienced a 16.92% price volatility and 20/30 (67%) green days. It is currently an advantageous period to acquire the meme coin, as indicated by the forecast.
