Bitrabo Editorial
Recent market activity indicates a shift towards a bullish trend for Dogecoin, attracting positive predictions from analysts in the short term. Dogecoin has seen a 7% increase in the last 24 hours and a 14% rise over the past 3 days.
The current price movement suggests a potential breakthrough of the $0.16 resistance level. The crypto analyst, known as World Of Charts, anticipates a surge in DOGE’s value to a range between $0.27 and $0.30, representing a 100% increase at the upper limit.
Surge in Key Dogecoin Metric
Dogecoin is exhibiting bullish signs across various metrics, sparking increased investor interest. One notable metric is the surge in DOGE open interest on crypto exchanges. Data from Coinglass shows a notable 12.47% increase in Dogecoin’s open interest to $883.89 million in the past 24 hours.
Additional metrics like a rise in derivatives volume and a 14.4% uptick in trading volume within the last 24 hours also indicate heightened activity surrounding DOGE, potentially leading to a significant price surge.
An analysis of Dogecoin’s 12-hour chart shared on X by World Of Charts reveals a potential breakout from a descending triangle pattern. This pattern, characterized by lower highs and equal lows since April, is viewed as a strong bullish signal by analysts, especially following an uptrend in February and March.
The analyst highlights an imminent breakout for DOGE and suggests that a successful breakout would propel Dogecoin towards the $0.27 to $0.30 range for the first time since October 2021.
Despite its 182% price increase earlier this year, Dogecoin has yet to breach the $0.27 mark in 2021. After peaking at $0.22, the cryptocurrency saw a decline to $0.13, signifying a 40% decrease.
As of the latest update, DOGE is trading at $0.156 and is poised for further growth. To reach $0.3, DOGE must surpass the $0.167 resistance level. Successfully climbing above $0.17 and maintaining that level could pave the way for further gains towards $0.22 and beyond.