Dogecoin fans just finished celebrating DogeDay on April 20 — a fun yearly event that began back in 2021. But now there may be another big reason for celebration. A well-known crypto analyst says Dogecoin (DOGE) could jump by 500% soon. At the moment, Dogecoin is trading at around $0.16. The price has stayed between $0.14 and $0.16 since late March. This sideways movement often means investors are gathering coins — something called an “accumulation phase.”
Dogecoin is now sitting at a big support zone. It’s also close to breaking above the 20-day Exponential Moving Average (EMA), which is about $0.1606. If it breaks above this level, the next big test is $0.20. That price level was last hit in early March and again later that month.
Momentum and Chart Patterns
The Relative Strength Index (RSI), a tool used by traders, is rising. It’s now above its moving average, which means more people are starting to believe in a price rise. However, it is still below the 50 line. This means buyers are getting stronger, but the market isn’t fully bullish yet.
Even though things are improving, the overall trend is still a bit bearish. Dogecoin hasn’t made a strong move above the 20-day EMA. Also, trading volume hasn’t increased much. So while the mood is getting better, it’s not yet exciting. But that might soon change.
Analyst Says Dogecoin 500% Pump Could Be Near
Crypto expert @Steph_iscrypto noticed something interesting. He looked at Dogecoin’s past charts and found a pattern. Before Dogecoin shot up 500% in an earlier cycle, it had moved downward for 129 days.
Back then, DOGE jumped from $0.08 to over $0.40. Steph thinks the same thing could happen again. He called it a “bottom signal” in a post on X (formerly Twitter). This kind of repeating setup is something traders watch for. If the pattern holds, the current price zone could be the start of a big rally.
Big Investors Are Watching Dogecoin
Big financial companies are trying to create exchange-traded funds (ETFs) based on DOGE’s price. These ETFs would make it easier for people to invest in DOGE through normal stock markets. Companies like Bitwise, Grayscale, 21Shares, and Rex Shares have all applied to the U.S. Securities and Exchange Commission (SEC). If approved, these ETFs could bring in a lot of new money. Many experts believe that if ETFs are approved, they could help push Dogecoin up fast, maybe even reaching that 500% growth Steph is talking about.
Final Thoughts
Right now, DOGE is calm. But under the surface, things are heating up. Price is stable. Charts are showing early signs of a move. Big investors are paying attention. And history might repeat itself. If it all lines up, Dogecoin could be in for one of its biggest runs yet.
