Technical analysis and on-chain data suggest Dogecoin may be poised for a major rally if it breaks above the 100-week SMA and maintains support at $0.16.

Dogecoin’s (DOGE) active addresses have doubled from 16,400 to 34,600 as an analyst predicts an explosive surge to $3.

In a recent X post, market analyst CryptoELITES shared a bullish forecast for Dogecoin price. The analyst predicted that DOGE will reach $5 in the near future. To strengthen their analysis, CryptoELITES presented a historical chart that signals Dogecoin price’s target of $5.

Dogecoin has earned its spot as the largest memecoin in the crypto industry, and the project’s early success as the first memecoin gave rise to the memecoin ecosystem. The memecoin niche now ranks among the most prominent crypto niches due to its massive potential returns.

Market sentiment, including Trump’s crypto plans, could influence Dogecoin’s trajectory despite its volatility.