Dogecoin might break out of a pattern, one that could result in DOGE touching $0.3 in the coming weeks.
- Dogecoin’s price surged by more than 7% in the last 24 hours DOGE’s metrics and market indicators all leaned bullish too
Dogecoin [DOGE] investors are now having a good time after the memecoin registered a comfortable rally on the charts. Its latest price uptick pushed the world’s largest memecoin to a critical level, one that could result in a further price uptrend in the coming days.
Dogecoin bulls are pushing hard
CoinMarketCap’s data revealed that DOGE’s price appreciated by more than 5% in the last seven days. The better news was that in the last 24 hours alone, the memecoin’s value increased by over 7%. At the time of writing, DOGE was trading at $0.1562 with a market capitalization of over $22.5 billion.
World of Charts, a popular crypto analyst, recently posted a tweet highlighting a bullish falling wedge pattern on the memecoin’s daily chart. Thanks to the latest price uptick, Dogecoin seemed to be about to break above that pattern, which could propel further growth. As per the tweet, a breakout might as well result in DOGE touching $0.3 in the coming weeks.
AMBCrypto then analyzed Santiment’s data to find whether metrics supported the possibility of a successful breakout. As per our analysis, DOGE’s MVRV ratio improved. Market sentiment around the memecoin also turned positive. This was the case as its weighted sentiment hiked, meaning that bullish sentiments reigned supreme in the Dogecoin market.
On top of that, DOGE’s open interest also hiked along with its price. An uptick in this metric usually suggests that the prevailing price trend is likely to continue further.
Source: Santiment
Dogecoin’s upcoming targets
We then analyzed Dogecoin’s daily chart to see whether market indicators seemed bullish for the coin. The technical indicator MACD displayed a clear bullish crossover. Its Relative Strength Index (RSI) was resting above the neutral mark of 50. At press time, it had a value of 52.7.
Another bullish indicator was the Chaikin Money Flow (CMF), as it registered an uptick.
All these indicators suggested that the chances of DOGE breaking out of the bull pattern were high, which might as well allow it to reach $0.3.
Source: TradingView
Read Dogecoin’s [DOGE] Price Prediction 2024-2025
If the bull rally continues, then DOGE’s price should first hit $0.16, as liquidations increased near that range last time when DOGE touched it. It will be important for DOGE to first go above that level, as high liquidations often result in price corrections.
Going further north, DOGE might get into the range of $0.166–$0.17. A successful breakout above the same could clear the memecoin’s path towards $0.3.
Source: Hyblock Capital
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