Could Dogecoin (DOGE) Reach Its All-Time High Again? Factors That Might Drive the Increase

Summary

• A well-known analyst believes that if Dogecoin (DOGE) finishes April above $0.20, it could trigger significant bullish momentum.
• As Elon Musk’s comments have dimmed expectations for government endorsement, focus is now shifting to the potential green light for a spot DOGE ETF, which might increase asset demand.

Is Another Bull Market on the Horizon?

The original meme cryptocurrency experienced a 12% increase over the past week, momentarily surpassing $0.19. This uptick has drawn interest from various market analysts, some of whom anticipate even larger price movements under specific conditions.

Analyst Ali Martinez has suggested that Dogecoin (DOGE) could soar back to its peak of $0.74 if it closes above $0.20 by the end of the month.

“Such a breakout would indicate strong bullish momentum and could draw in more investors,” he noted.

Traders Tardigrade and Muro also provided their insights. Tardigrade pointed out that DOGE has reclaimed the 100 exponential moving average (EMA) “after a downturn” and predicted a climb to $0.80 in the upcoming months. Meanwhile, Muro speculated that a DOGE rally might mark the start of an altseason:

“Once DOGE begins to rise, it will signal the beginning of a genuine altseason, it’s always served as the altseason indicator.”

Looking for a Catalyst

Following disappointment from Elon Musk’s controversial efforts to reduce government spending, the Dogecoin community is seeking other catalysts to boost prices. One potential catalyst is the anticipated approval of a spot DOGE ETF in the United States.

Companies like Grayscale, Bitwise, and Osprey Funds are racing to introduce such products. The probability of approval before the end of 2025 has recently increased, now estimated at around 58% (according to Polymarket).

This type of investment option would allow individuals to gain exposure to Dogecoin without needing to buy the cryptocurrency directly. Consequently, it could attract new investors and inject fresh funds into the market.