Dogecoin (DOGE), the largest meme coin by market capitalization, has seen a 12% decline in a week, dropping to around $0.14. Despite the downtrend, market analysts are optimistic about a potential price surge. CryptoJack, for example, anticipates a 55% increase to $0.22 once the asset breaks out from a certain descending pattern. Trader Tardigrade also sees a bullish future for DOGE, predicting a surge to over $12, with a particular focus on the $1.40 resistance level.

Market intelligence platform IntoTheBlock suggests that DOGE is positioned "above a significant on-chain support level," with 45 million assets accumulated at an average price of $0.115. This indicates a strong demand zone that could be pivotal if the market shows weakness. On the flip side, DOGE may face resistance around the $0.16 level.

Analysts Altcoin Sherpa and KALEO also forecast a bright future for DOGE, with the latter suggesting that DOGE may outperform Bitcoin (BTC) due to the industry being in a "meme super cycle." The Relative Strength Index (RSI), a key on-chain indicator, currently stands at 48, suggesting the cryptocurrency is neither overbought nor oversold.