Dogecoin (DOGE) price, a major meme-based cryptocurrency, has maintained bullish momentum, hovering above critical support levels. Analysts predict DOGE could surge to $15, fueled by speculative hype around a potential Dogecoin ETF. However, on-chain metrics reveal stagnation, raising questions about DOGE’s sustainability. The conflicting outlook highlights a pivotal moment in the cryptocurrency’s trajectory.
Can Dogecoin Price Hit $15?
Crypto analyst Ali has projected that the DOGE price could surge to $15 with the introduction of a DOGE exchange-traded fund (ETF).
In a recent post on X, the analyst emphasized that an ETF could act as a critical catalyst for this dramatic price movement. Currently trading at around $0.36, the meme coin shows bullish potential based on long-term chart patterns.
Ali highlighted Dogecoin’s weekly candle chart, which indicates consistent movement within an ascending channel since 2017. The chart suggests DOGE is again rebounding from the channel’s lower bounds, targeting $15.
Source- X
Daily Active Addresses Plummet
DOGE price remains steady despite a sharp decline in daily active addresses (DAA) after a significant spike in November 2024. DAA, representing the number of unique active addresses participating in daily blockchain transactions, serves as a critical measure of network activity and user engagement.
November saw DAA peak at over 1.6 million, coinciding with notable events, before dropping to 52.8k. This decline suggests reduced short-term engagement but may reflect natural market adjustments post-hype or event-driven activity.
Source: Santiment
Investors Flee After Booking Profits
Dogecoin’s Network Profit/Loss (NPL) data reveals a sharp decline in realized profits, suggesting investors exited after securing gains. NPL tracks the average profit or loss of DOGE tokens that change addresses daily.
Since the December 2024 peak of 1.11 billion, the metric has declined significantly currently at 2.32 million, indicating waning bullish momentum. The drop in realized profits signals a market cooldown as selling pressure mounts, implying interim profit-taking.
Source- Santiment
Will DOGE Manage to Rally Again?
As of Friday, January 24, the DOGE price is trading at $0.361, reflecting a 5% surge from recent lows. The meme-based coin indicates a sign of strength after rebounding from the $0.35 support level, which has been holding firm despite recent market volatility.
Dogecoin price prediction is currently trading within a range, with $0.40 acting as a strong resistance. A successful breakout above this level could push the price toward $0.45, marking a new local high. On the downside, the $0.35 level remains the immediate support, with $0.32 as a critical defense against a larger pullback.
The Relative Strength Index (RSI) is at 49, suggesting that DOGE is in neutral territory on the 4-hour chart. Meanwhile, the MACD histogram is shifting towards positive territory, with the blue MACD line attempting to cross above the orange signal line.
DOGE Price Chart: TradingView
Technical indicators suggest that the Dogecoin price may rally if it breaks resistance, while on-chain metrics show declining engagement and profit-taking, signaling uncertainty. The market remains at a pivotal point, requiring strong catalysts for sustained growth.
The post Analyst Forecasts Dogecoin Price Target of $15, But On-chain Metrics Hint DOGE is Dead appeared first on CoinGape.
