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Dogecoin suddenly rebounded this week, sparking a new round of discussions about potential significant increases in the coming weeks. After falling to $0.142 on Sunday, the meme coin has recovered to above $0.16.

According to market observers, this rebound from the long-term support level could lay the groundwork for more substantial fluctuations, potentially emerging as early as July.

Chart Patterns Indicate Support

Analysts note that Dogecoin's drop to $0.142 precisely aligns with an upward-moving low point pattern. Analysis shows that this decline touched a multi-year trend line first appearing in October 2023.

At that time, a reversal occurred after prices fell to a similar range. After stabilizing, Dogecoin entered an upward channel, forming a series of stable highs and lows on the weekly chart.

July Could Be a Launchpad

Meanwhile, crypto analyst WIZZ predicts that Dogecoin's next rally might begin in July. They believe that if the current support level holds, Dogecoin could accelerate its rise, advancing towards the wedge's tip, ultimately reaching $1.

The analyst's chart suggests the price could rise to $1.40, which would represent a 740% increase from current levels and break the long-watched $1 milestone.

Multiple Predictions Intensify Debate

This isn't the first time experts have set Dogecoin's price target at $1. Galaxy Research previously set the price target before the end of 2025.

Javon Marks, in his own analysis, believes Dogecoin will break through $1.25 through a continuing bullish formation. Other analysts predict Dogecoin could surge 500% after breaking through the descending wedge pattern in March.

Short-Term Gains and Long-Term Risks

Dogecoin has recently risen, up about 10% from its weekly low and approximately 5% from the previous trading day, with a trading price near $0.166. However, critics point out that Dogecoin lacks the token foundation required by mainstream networks.

Dogecoin's price fluctuations largely depend on community enthusiasm and hype. If Bitcoin or the broader cryptocurrency market cools down, Dogecoin could potentially fall more dramatically than more established assets.

What Traders Should Remember

For those looking to get involved, this situation is a double-edged sword. A 500% increase in a month would be record-breaking, even by meme coin standards. However, such a rise requires perfect market conditions and strong buying momentum.

If the support level breaks again, losses could be equally swift. Traders choosing to participate in this rebound may need to set clear profit targets and strict stop-loss orders.