Analyst Says Dogecoin Is Set To Breakout: How This Could Trigger Another Meme Coin Mania
Release: 2024/05/17 07:04 Reading: 227
- Original author：Bitcoinist
- Original source：https://bitcoinist.com/?p=300438
Dogecoin Poised to Rekindle Meme Coin Mania
Following Bitcoin's recovery above $66,000, Dogecoin has witnessed an uptick in momentum, propelling a broader crypto market resurgence. Crypto analyst Crypto Scient anticipates this bullish trend to persist, potentially igniting another surge in meme coin popularity.
Dogecoin Primed for Meme Coin Mania
Currently, Dogecoin's price remains subdued, hovering around $0.15. However, analysts remain optimistic, predicting further upside potential. Crypto Scient joins a chorus of analysts who believe that a bullish reversal for Dogecoin will trigger a broader meme coin mania, akin to the surge witnessed in February 2024.
The analyst identifies a breakout above $0.15 as a catalyst for a rally towards $0.2. Subsequently, he expects another breakout and flip at $0.175, signaling the continuation of upward momentum. Crypto Scient projects a target price of $0.34, representing a potential increase of over 100% from current levels.
Bullish Metrics Support Dogecoin
Despite the subdued price action, bullish metrics suggest that Dogecoin may be poised for a delayed rally. Open interest has surged by over 10% in the last 24 hours, reaching $869.54 million. Historically, such increases have preceded price appreciation for DOGE.
Daily trading volume has also witnessed an 11% increase, exceeding $1.8 billion. Should these metrics continue to trend positively, a rally similar to February's could propel Dogecoin towards $0.4.
However, Dogecoin currently faces resistance at $0.154, indicating a modest 3.24% increase over the past day. src="/uploads/20240517/17159027996646994ff3fbf.png">
Bulls Regain Control of DOGE Price
Source: DOGEUSDT on Tradingview.com
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