Will Dogecoin Double Up to $0.30? Here’s what the metrics say:

• Dogecoin hovered above $0.15 on the neutral Relative Strength Index (RSI).
• DOGE surpassed $2 million in long-term liquidation, highlighting its high correlation with Bitcoin.
• DOGE’s $0.30 target would bring the OG meme coin back to 2021 levels.

Dogecoin (DOGE) is potentially charting its roadmap to $0.30, a price milestone not seen since September 5, 2021. With DOGE successfully shaking off selling pressure and rising 5% over the past seven years, several prominent cryptocurrency analysts have listed $0.30 as their next target. It will take a few days to reboot above $0.15.

But the God Candle is yet to come and Crypto Hunter sees DOGE at $0.30 “If you move in the blink of an eye” while “Nothing brings the norm back like a giant green DOGE candle.” Crypto analysts note a sharp rise in new DOGE wallets since the beginning of 2024.

Starting the year with 5.43 million addresses, Dogecoin’s community has expanded further to 6.64 million wallets to date. Exponential network growth has resulted in DOGE’s annual price soaring 106%, with the best dog maintaining its TOP 10 status.

DOGE on-chain data offers mixed signals

DOGE has taken significant advantage of its historically high price correlation with Bitcoin (BTC), with 81% of DOGE custodians making a profit at this price. The two largest proof-of-work (PoW) consensus blockchains have recorded triple-digit gains since last year, although BTC has significantly outpaced DOGE with a 148% year-to-date return.

As depicted in the graph below by cryptocurrency analyst World Of Charts, Dogecoin is currently on the verge of a breakout with an initial price target of $0.27 – $0.30 if a support cluster is called for. According to on-chain data from IntoTheBlock, the support bubble currently holds 115.8B DOGE in 212.9K addresses with a price range between $0.145 and $0.157. As of press time, the leading cryptocurrency is changing hands at $0.1522.