Dogecoin (DOGE) rises again! Market cap of $96.3 billion, expected to surge crazily close to $16!

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Dogecoin (DOGE) maintains its position as the largest meme coin with a market cap of $96.32 billion, and analysts are optimistic about a potential surge. Despite recent volatility, DOGE remains above $0.30, with the market full of expectations for its future direction.

Dogecoin Price Analysis: Short-term challenges, long-term potential

Currently, the price of DOGE is $0.3193, down 2.41% in the past 24 hours. On the 4-hour chart, the price has formed a pullback trend without breaking the resistance line, but the RSI shows bullish divergence, suggesting a possible price breakout. If it breaks the target prices of $0.37 or $0.41, DOGE may see further increases. Conversely, if it falls below the support level of $0.30, it may test $0.2658.

Derivatives Market Sentiment: Bulls expect a recovery

Although DOGE's open interest has decreased to $2.02 billion, Binance traders are optimistic about DOGE's recovery in the coming weeks. The ratio of long to short accounts is 4.07 to 3.44, indicating strong bullish sentiment in the market. However, the $8.14 million liquidation loss in the past 24 hours also reflects a strengthening bearish sentiment in the short term.

Dogecoin Future Outlook: From $0.30 to $16

Analyst Ali Martinez believes that Dogecoin is forming an ascending channel pattern and is currently in a pullback phase. If this pattern continues, the price of DOGE could potentially rise by up to 6,770% in the long term, reaching an astonishing $16. This pattern previously emerged before the 2021 bull market, driving DOGE's price up by 12,000%.

Summary: Short-term fluctuations, long-term bull market

Dogecoin still dominates the meme coin market, despite facing severe volatility and resistance in the short term, with huge long-term bullish potential. Investors should pay attention to breaking trend lines while being prepared for high volatility. If DOGE continues to develop along the ascending channel, its price could experience explosive growth in the coming months!

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