Crypto Analyst Predicts 100% Rise For Dogecoin To $0.3 As Major Metric Explodes
Release: 2024/05/17 04:04 Reading: 444
- Original author：Bitcoinist
- Original source：https://bitcoinist.com/?p=300437
Dogecoin Bullish Momentum
Dogecoin has flipped into a bullish momentum, prompting analysts to predict bullish outlooks in the short term. DOGE has surged 7% in the past 24 hours and 14% in the past 3 days.
Price Action
Current price action indicates that Dogecoin is poised to break past a resistance level of $0.16. Crypto analyst World Of Charts believes the potential for this breakout is strong, with a price target of $0.27 to $0.30, representing a 100% surge on the upper end.
Bullish Metrics
Dogecoin is showing signs of bullishness in several metrics, including:
- Open interest has spiked by 12.47% in the past 24 hours to $883.89 million.
- Derivatives volume and trading volume have increased significantly.
Descending Triangle Breakout
According to a 12-hour timeframe Dogecoin chart, DOGE is on the verge of breaking out of a descending triangle pattern. This pattern indicates a potential trend reversal, with the breakout pushing DOGE towards the target range of $0.27 to $0.30.
Resistance Levels
Before reaching $0.3, DOGE must break above a resistance level around $0.167. If DOGE can surge above $0.17 and sustain this level, it could continue climbing to $0.22 and beyond.
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Current Price
At the time of writing, DOGE is trading at $0.156 and could continue surging for the rest of the month.
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