Recent technical analysis of DOGE has revealed an intriguing trend. Currently, DOGE is in a sub-wedge pattern, which is remarkably similar to the bull run cycle of 2020. Historical experience shows that once this wedge breaks, it often triggers a significant rise.

Multiple factors are paving the way for a potential rise of DOGE:

1. On-chain development: The total value locked (TVL) in decentralized finance (DeFi) has surged to $20.46 million, indicating an increase in network usage and adoption.

2. Possibility of institutional capital inflow: The US ETF application process may bring institutional funds to DOGE, with an estimated 80% of the allocation directed towards DOGE.

3. Technical Analysis: After breaking through the trend line, a retest is taking place, the wedge compression space is already limited, and the market seems to be waiting for a decisive move.

Based on these factors, some analysts have set an initial target price at $1. If the upward momentum is strong, according to the Fibonacci extension theory, it could even reach a level of $2.28.

For investors interested in participating, the following points are worth noting:

- Pay close attention to signals of wedge breakout and increased trading volume.
- After confirming the breakout, observe the possible retesting of support levels.
- Continuously monitor on-chain activity and ETF-related news, as these factors may increase the likelihood of institutional participation.

Although historical cycles and on-chain data seem to indicate that DOGE might once again welcome a bull run, investors still need to remain cautious. Market trends are difficult to predict accurately, and it is crucial to maintain patience and objective observation.

In summary, the current technical formation of DOGE, the growth of the DeFi ecosystem, and the potential approval of an ETF together contribute to the possibility of it reaching the $1 target. However, investors should adopt a rational perspective and make judgments based on actual market performance, rather than blindly predicting or chasing trends.