Dogecoin Jumps 5%, Eyes Major Breakout as 2017 Pattern Resurfaces
- Dogecoin surged 5% to $0.186 after Dogecoin Foundation bought 10 million DOGE.
- Altcoin market cap rose to $1.08 trillion as funds rotated out of Bitcoin.
- Analysts predict DOGE could mirror 2017 cycle, with potential targets up to $4.00.
Dogecoin surged over 5% in the past 24 hours, climbing to $0.186 on March 25. The memecoin reached an intraday high of $0.189, marking its strongest level in nearly two weeks. This recent upswing is fueled by a mix of macroeconomic optimism and a significant initiative by the Dogecoin Foundation.
Factors Driving Dogecoins Price Surge
A major factor behind Dogecoins latest price movement is the Dogecoin Foundations announcement of the Official Dogecoin Reserve. On March 24, the foundation disclosed a strategic acquisition of 10 million DOGE, valued at approximately $1.8 million, aimed at bolstering both price stability and investor confidence.
Simultaneously, investor attention has turned toward the growing likelihood of spot DOGE exchange-traded funds (ETFs) in the United States. Data from the crypto prediction platform Polymarket shows a sharp increase in the probability of an ETF launch by the end of 2025, rising to 72% from just 27% at the beginning of the year.
Meanwhile, the total altcoin market capitalization (TOTAL2) advanced by 1.60% over the past 24 hours, reaching $1.08 trillion on March 25. However, Bitcoins market capitalization declined slightly by 0.61% during the same period.
This trend suggests that traders are rotating funds out of Bitcoin and into altcoins, with DOGE being one of the key beneficiaries. The shift appears to be driven by easing trade war concerns, after U.S. President Donald Trump signaled on March 24 that trading partners could receive exemptions or reductions in tariffs.
Historical Chart Hints at Explosive DOGE Rally
According to X user Krisspax, Dogecoin could be mirroring its historical price pattern from 2017, setting the stage for a major breakout. His analysis, originally presented by @TATrader_Alan, highlights two distinct DOGE cycles.
The first cycle, from 2014 to 2018, featured a prolonged consolidation before a breakout above $0.0017, followed by a rapid surge. The current cycle, spanning from 2021 to 2025, appears to be forming a similar structure. After reaching its peak in early 2021, DOGE entered a multi-year correction and is now establishing a rounded base just below a key resistance level at $0.29a classic bullish formation.
Dogecoin continues to trade in a similar pattern to 2017, Krisspax noted in his post. If the second large breakout of this cycle happens, we could see $DOGE up well over its previous all-time high.
The chart suggests that if Dogecoin successfully breaks above $0.29, it could enter a parabolic rally. Potential price targets include $1.70, $2.60, and even as high as $4.00.
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Read more: https://www.tronweekly.com/dogecoin-jumps-5-percent-eyes-major-breakout/
Text source: TronWeekly
