Dogecoin price remained strong this week as crypto traders switched to new meme coins such as Official Trump and Fatcoin.
Dogecoin (DOGE), the industry's largest meme coin, was trading at $0.36, about 25% below its 2024 high.
According to CoinGecko, DOGE had a trading volume of over $3.7 billion in 24 hours, while President Trump (TRUMP) had a trading volume of $11 billion.
Still, there are several catalysts coming to Dogecoin. First, it looks like whales are accumulating tokens. According to Santiment data, whales have accumulated 590 million DOGE tokens in the past 24 hours. This adds to the millions of coins purchased this year, suggesting a price rebound is expected.
Second, it is increasingly likely that the Spot DOGE ETF will be approved by the Securities and Exchange Commission. This week, Rex Osprey, which manages more than $8 billion in assets, applied for a Dogecoin spot fund.
Third, Dogecoin prices are likely to benefit from the crypto bull market, as technical analysis points to further increases in Bitcoin prices. Additionally, Bitcoin ETFs have seen significant inflows as exchange supply has declined. A rise in Bitcoin is likely to trigger further gains in altcoins, including DOGE.
Dogecoin price is forming a bullish pattern
The weekly chart shows that DOGE has been in a correction phase for the past few weeks. We are currently in the fourth stage of the Elliott Wave pattern, which typically precedes the bullish fifth wave.
Dogecoin has also formed a bullish pennant chart pattern featuring a vertical line followed by a symmetrical triangle. This pattern is currently nearing a confluence, and bullish breakouts often follow pennant patterns.
Additionally, accumulation and distribution metrics are rising, indicating that investors are actively buying. As a result, DOGE price is likely to rise, with bulls aiming for an all-time high of $0.7491. A rise to this level would represent a 110% increase from current prices.
The caveat is that the signals provided by weekly charts take time to develop. For example, the pennant section has been forming for nearly three months.
