Analyst Reveals 'Truth' Behind This Dogecoin Price Spike

The price of Dogecoin has increased by nearly 150% since the beginning of this month, as the leading meme coin continues to experience a strong price surge. Cryptocurrency analyst Alan Santana has provided detailed information about the driving force behind this price increase and whether it is sustainable or not. What is driving the surge in Dogecoin price In his post on TradingView, Alan Santana hinted at the monthly chart of DOGE to point out what really drove the Dogecoin price surge. He noted that this month is a breakout month for the price surge and the first strong green month since the 2021 surge. Analysts specifically quoted January 2021, when a similar action occurred, with a "very strong price surge period" thereafter. In line with this, Santana declares that just because the price of Dogecoin is experiencing this strong growth does not mean it is a finale. Instead, the analyst states that this strong growth signals the beginning of a bullish cycle, so investors can expect more parabolic price increases for Dogecoin in the future. Santana requests those who are still doubtful to zoom in on the monthly chart. He revealed that this month's trading session has the highest trading volume since 2021. Furthermore, this analyst mentioned that this month has broken the long-term resistance level and downtrend. Finally, he stated that this month marks the end of a three-year consolidation phase for Dogecoin prices. The analyst notes that this three-year merger could lead to a very strong price increase, which is exactly what is happening. Therefore, Santana reaffirms that no matter how high the price of Dogecoin rises this month, it is just the beginning. In the short term, the analyst warns that there may be fluctuations and volatility, and even a strong correction may develop throughout the process. However, Santana states that such corrections are good as they will be used as an opportunity to take profits at resistance levels and buy back and reload at support levels. He further states that there is still much to give in terms of Dogecoin price and there is no limit to how high the price can go. In the post on X, cryptocurrency analyst Kevin Capital reiterated a similar view to Alan Santana's, that the biggest explosion could still occur for the price of Dogecoin. This happens as he emphasizes that the Dogecon price phase and the Relative Strength Index (RSI) are currently in the monthly timeframe related to previous price increase cycles.

He claimed that if this Dogecoin price and RSI hold steady, there is still a long way to go in this DOGE rally, with the biggest explosion yet to come. Recently, cryptocurrency analyst Trader Tardigrade predicted that the price of Dogecoin could rise to $8.7 in August 2025 if it mirrors the 2017 price surge, or rise to $30 in March 2025 if it follows the 2021 price surge.