At least three market catalysts suggest that meme coin project Dogecoin (DOGE) could climb at least 50% by the end of Q3 of 2022, according to crypto analysts.
Dogecoin price analysis
According to analysts, Dogecoin has been plotting a ‘falling wedge’ pattern on the longer timeline charts since May 2021, pointing to the potential for a bullish reversal in the coming months. Analysts say that applying the classical theory to Dogecoin shows that if the breakout occurs near the $0.14 level, or about 190% above today’s price, it will rally to $0.40. At worst, a falling wedge break could push DOGE’s price increase by just over 50% to $0.21, given that the breakout point is near the top at around $0.75.
‘falling wedge’ setup, Weekly DOGE price chart / Source: TradingView Elon Musk’s acquisition of Twitter
As reported by Cryptokoin.com Earlier this week, Twitter announced that it had accepted Tesla CEO Elon Musk’s $44 billion buyout offer. The meme coin price reacted positively to the possibility of Elon Musk integrating DOGE as one of the official payment tools for Twitter’s subscription services.
DOGE daily price chart / Source: TradingView Noelle Acheson, head of market insights at Genesis Global Trading, said Elon Musk should confirm on Twitter if he will add a Dogecoin payment option. Given this, he notes that DOGE took cues of the price increase from “too much speculation”.
Meme coin investors excited
Musk’s Twitter acquisition announcement on April 25 and its subsequent positive impact on Dogecoin prices, which rose nearly 20% on the same day, coincided with a surge in individual and institutional interest.
For example, internet queries for the keyword ‘buy Dogecoin’ increased 392% on April 25, according to Google Trends. Meanwhile, the volume of on-chain DOGE transactions worth over $100,000 reached $2.59 billion on the same day. “This is the highest volume since March 24 and represents 94% of total volume,” data analytics platform IntoTheBlock said.
Dogecoin on-chain trading volume / Source: IntoTheBlock 
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