Analysts have announced their new targets for the Dogecoin price.

After the recent wave of selling in the cryptocurrency market, Dogecoin (DOGE) has started to recover. Leading analysts predict that the price of the meme coin could rise to $3 in the upcoming period, and up to $18 under favorable market conditions.

New Target Level of $18 for Dogecoin

Dogecoin is showing strong performance in technical indicators. The cryptocurrency is trading above the 50-week and 200-week moving averages. The highest level since the beginning of the year, $0.4843, stands out as a significant resistance point.

Popular crypto analyst Scofield noted in an analysis shared with his over 80,000 followers that a significant buying opportunity has been captured before an important rally. Analyst Ali Martinez predicts that the price of DOGE could reach $3 in this bull cycle.

Two key driving forces for Dogecoin are emerging. The upcoming crypto-friendly policies of the Donald Trump administration and the potential approval of a spot DOGE ETF will be among the determining criteria for the DOGE price. These developments could herald a new wave of increase for DOGE, which provided a record return of 27,300% during the January-May 2021 period.