With a resurgence in Dogecoin’s price following Bitcoin’s recovery above $66,000, the crypto market is experiencing a revival. Crypto analyst Crypto Scient anticipates this positive trend to persist, potentially igniting another wave of meme coin enthusiasm.
Dogecoin Poised to Ignite Meme Coin Craze
Although Dogecoin’s current price struggles to surpass $0.15 as anticipated, analysts remain optimistic about its upward potential. Analysts, including Crypto Scient, foresee a bullish turn in the meme coin’s price that could initiate a meme coin craze reminiscent of February 2024.
Crypto Scient predicts a breakthrough above $0.15 could set off a rally towards $0.2. Subsequently, he anticipates another bullish shift around the $0.175 mark, signaling further upward momentum. The analyst’s price target peaks at $0.34, more than doubling the current level of approximately $0.155, yet still below its peak of $0.7.
Optimistic Signs for DOGE Metrics
Despite Dogecoin’s price performance falling short of expectations, optimistic metrics hint at a potential delayed surge. Notably, an increase in Dogecoin’s open interest by over 10% to $869.54 million suggests growing trader interest in the altcoin.
Further data from CoinMarketCap reveals an 11% rise in Dogecoin’s daily trading volume to over $1.8 billion in the past day, indicating a reversal in bearish sentiment.
Should Dogecoin’s metrics continue on this bullish trajectory and Crypto Scient’s predictions materialize, a rally akin to February’s surge could propel Dogecoin towards $0.4. Presently, the coin struggles around $0.154, reflecting a modest 3.24% uptick in the last 24 hours.
