Dogecoin News Today: Late-Mover Spillover and Macro Trends Fuel Dogecoin's Bull Run

Dogecoin (DOGE) has shown signs of a potential bullish reversal as technical analysts highlight a recurring rounded bottom pattern in its price chart, historically preceding significant rallies. Crypto analyst Osemka, in a detailed study shared on X, identified this pattern in DOGE's long-term chart, noting its alignment with macroeconomic cycles. The formation typically follows extended consolidation phases, with DOGE lagging behind broader market movements during early "risk-on" periods but accelerating once altcoins and the iShares Russell 2000 ETF (IWM) break out. This lag effect positions Dogecoin as a late-mover benefiting from spillover momentum, with current conditions suggesting a possible breakout when the macro environment shifts to "risk-on mode."

Technical analysis from Jonathan Carter reinforces this thesis, pointing to a near-completion of a rounding bottom pattern on the weekly timeframe. Carter projects potential price targets at $0.35, $0.45, $0.60, $0.75, and $1, emphasizing growing buyer confidence as DOGE remains above the 50-day moving average. CoinCodex's short-term forecast also supports a bullish outlook, predicting a 15.8% rise to $0.31 by mid-October. Trader Tardigrade's analysis adds historical context, highlighting three major accumulation cycles since 2014, each followed by explosive rallies of 218x and 548x during bull markets. A projected 50x move suggests DOGE is nearing the end of its current consolidation phase.

Macro correlations further bolster the bullish case. Analyst Bull Bear Spot linked DOGE's price trajectory to M2 Global Money Supply trends, noting a historical alignment between liquidity expansions and DOGE's price peaks. With M2 growth surging, the meme coin could target $1, representing a 289% increase from its current $0.25 level. EtherNasyonal's technical analysis identified a "Cup and Handle" formation, a continuation pattern often preceding major upward moves. A confirmed breakout past key resistance levels could propel DOGE's market capitalization toward $100 billion, placing it in the same league as Ethereum and Solana.

On-chain data and network metrics also signal strengthening fundamentals. Alphractal's analysis highlighted record-high hash rates and a stable Network Stress Index, indicating robust security and miner confidence. Additionally, the Dogecoin Foundation's initiatives, including the Dogecoin Reserve and Dogebox payment infrastructure, aim to enhance liquidity and merchant adoption, potentially supporting long-term price stability. These developments align with growing institutional interest, including ETF speculation and regulated financial products, which could further legitimize DOGE as a global payment asset.

While the bullish outlook is strong, analysts caution that memecoins remain volatile. Jonathan Carter noted that stalled momentum could lead to sharp pullbacks, but a successful rounding bottom pattern could mark DOGE's strongest run in years. Trader Tardigrade's historical data underscores the cyclical nature of DOGE's rallies, with past surges driven by retail enthusiasm and macroeconomic conditions. If current patterns repeat, DOGE's price discovery phase may culminate in a parabolic ascent, particularly if macroeconomic liquidity and institutional adoption continue to align with technical indicators.

Source: [1] NewsBTC (https://cryptorank.io/news/feed/c7a0a-when-dogecoin-will-begin-flying)

[2] BlockNews (https://blocknews.com/dogecoins-rounding-bottom-nears-completion-here-is-why-analysts-see-1-on-the-horizon/)

[3] Coinsurges (https://www.coinsurges.com/dogecoin-price-vs-m2-global-money-supply-the-trend-that-points-to-1-and-100s-of-billions-in-market-cap/)

[4] NewsBTC (https://www.newsbtc.com/news/dogecoin/resilient-dogecoin-metrics/)

[10] AnalyticsInsight (https://www.analyticsinsight.net/cryptocurrency-analytics-insight/is-dogecoin-the-next-big-thing-in-global-payments)