Dogecoin Price Forecast As Traders Shift to PUMP Token Mania- Is a 130% Rally Still Likely?

Dogecoin (DOGE) is dropping today, June 15, with a 7.49% decline in the last 24 hours and $2.45 billion in trading volumes likely from selling activity. The drop comes as much attention goes towards the newly launched token, PUMP, which might be causing traders’ attention to shift from meme coins such as DOGE. However, despite the ongoing drop, a bullish pattern suggests that Dogecoin price might still rise by 130% to $0.45.

Advertisement Advertisement

Dogecoin Price Eyes 130% Rally as 8-Month Pattern Nears Completion

DOGE price has been creating a double bottom in the last eight months since December 2024, and this pattern is now close to being confirmed. This will happen when the price can move past the resistance level of $0.259, at which point the current trend is going to change from a bearish one to a bullish one.

At its current value, Dogecoin price is only 30% from this resistance level, and if the broader crypto market sentiment could shift again in favor of bullish traders, it might surge to this level. Doing so may create another move to $0.47, at which point the traders who buy now might record 130% gains.

The possibility of this pattern playing out depends on buying pressure remaining strong, as it has been the case for the last week. If buyers become hesitant, the Dogecoin price forecast will become bearish because of a failed rally above the $0.259 resistance level.

DOGE/USDT 1-Week Chart (Source: TradingView)The RSI indicator also shows that there is a major hurdle at $0.19 that the price needs to overcome before the next bullish leg. Unless the RSI crosses above 50, DOGE price might remain stuck below the neckline resistance level.

Advertisement Advertisement

PUMP Token May Delay Dogecoin Rally

The PUMP token has launched on exchanges, and despite a 12% decline in the last 24 hours, traders are seeking exposure to this new coin. Considering the popularity of the Pump.fun meme coin launchpad, traders anticipate that the token might experience some gains, and this might cause buying activity towards DOGE to drop, affecting the Dogecoin price performance.

According to Lookonchain data, a whale wallet popular with buying new tokens has purchased $2 million worth of PUMP in the last 24 hours. On Hyperliquid, whales have opened $20 million worth of long positions on this new token.

PUMP Long Positions on HyperLiquid (Source: Coinglass)This growing attention towards the new meme coin-affiliated token might be bearish for the DOGE price as speculative traders choose to book profits with PUMP as Dogecoin’s rally stalls.

Nevertheless, while retail and speculative interest might be draining liquidity away from Dogecoin to new coins, Santiment shows that whales continue to steadily accumulate DOGE tokens. In just one week, large addresses holding between 10 million and 100 million DOGE have bought 140 million tokens.

Dogecoin Whale Balances (Source: Santiment)Therefore, as whales continue to buy at a time when most traders are looking to make profits with new tokens, it could give Dogecoin price room to recover by 130% to $0.47 as the double-bottom pattern shows. However, unless buyers remain active, the likelihood of more dips happening remains high.

Advertisement

Frequently Asked Questions (FAQs)

1. Can Dogecoin price rally by 130% despite the recent crash?

Dogecoin price could rally by 130% to $0.45 due to the appearance of a double bottom pattern that hints at a potential rally.

2. How will the PUMP token affect DOGE price?

The PUMP token launch on exchanges might be bearish for the DOGE price as traders seek to chase profits with the new token.

3. Will Dogecoin price crash as the broader market drops?

Dogecoin price could crash further if the decline across the broader crypto market causes a surge in the sell-side pressure.

✓ Share: