Dogecoin (DOGE) Price Outlook: Is a Bullish Breakout on the Horizon?

Transactions exceeding $1 million on Dogecoin rose above 588 in the past day.
Dogecoin crashed around 6% after Donald Trump failed to mention crypto during inauguration speech.
Prominent analyst Ali Martinez presented a long-term target of $15 for Dogecoin.

Dogecoin (DOGE), the largest meme coin with a market capitalization exceeding $50 billion, fell 6% in the past 24 hours. As of press time, DOGE is trading at $0.3426, according to CoinMarketCap.

The drop followed Donald Trump’s inauguration speech, which failed to mention cryptocurrencies despite the president’s pro-crypto stance.

Transaction Activity on Dogecoin Network Surges

Ali Martinez, a well-known crypto analyst, highlighted on X (formerly Twitter) that transactions on the Dogecoin network exceeding $1 million hit 588 in the past 24 hours. This surge in activity suggests DOGE’s blockchain remains active despite the price decline.

Martinez also pointed out that Dogecoin continues to trade within a multi-year ascending parallel channel, projecting a potential bullish target of $15. However, many in the market dismissed this prediction as unrealistic, citing the coin’s current $50 billion valuation.

Ramaswamy Exits DOGE Initiative

In other developments, Vivek Ramaswamy announced his departure from co-leading the Department of Government Efficiency (DOGE) alongside Tesla CEO Elon Musk. Ramaswamy has shifted focus to his Ohio governor campaign, leaving Musk in sole leadership of DOGE, potentially signaling an increased focus on Dogecoin within the initiative.

Dogecoin Price Analysis: Bearish Indicators Emerge

Dogecoin has gained 7.86% over the past 30 days and is up a staggering 295.40% in the last year, peaking at a 52-week high of $0.4835 in December. However, the coin’s price has since moved sideways within a broader uptrend.

Data from TradingView shows Dogecoin’s Relative Strength Index (RSI) at 45.31, indicating bearish control over price action.

Additionally, the Moving Average Convergence Divergence (MACD) indicator shows bearish divergence, with the MACD line dropping below the signal line and the histogram turning red, suggesting further downside potential.

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