DOGE's open contracts skyrocketed by 5.38%, breaking through the $2 billion mark, instantly boosting market enthusiasm.
Its price has rebounded nearly 20% from the week's low of $0.2685, establishing a 'launch pad' for the subsequent parabolic surge.
As of the time of writing, Dogecoin has increased by another 2% to $0.32, with its market capitalization rising to over $47 billion.
Last week, the Fed's hawkish shift drastically reduced interest rate cut expectations for 2025, leaving the crypto market in despair, and Dogecoin was no exception, closing the weekly chart with a 20% drop. However, in my view, the dawn of Dogecoin's rebound has emerged.
The leading meme coin Dogecoin (DOGE) might rebound.
The TD Sequential indicator on DOGE's daily K-line chart has triggered a buy signal, indicating a potential reversal of its price.
TD Sequential is a commonly used technical analysis tool for traders that accurately locates key points of trend exhaustion by interpreting past candle closing prices, thus predicting opportunities for price reversals.
The buy signal generated by this tool on DOGE perfectly aligns with my earlier analysis, suggesting that DOGE is likely to embark on a parabolic rebound journey, undoubtedly adding a very optimistic hue to the market's outlook on this meme coin and increasing investors' eager expectations for its future performance.
Dogecoin's price is expected to rebound to $18.
By examining Dogecoin's past price trajectory closely, this meme coin may ignite another surge.
Looking back at past parabolic trends, in 2017, DOGE first soared by 212%, followed by a 40% retracement, and then immediately kicked off a 5000% crazy rise.
In 2021, after a 476% increase, there was a 56% retracement, which was followed by an astonishing 12,000% surge.
As of 2024, there has been a 440% increase, with a 46% retracement.
If history repeats itself, the next surge is just around the corner! According to the chart, DOGE is expected to hit the $18 high.
To solidify the foundation for Dogecoin's future explosive rebound, optimizing on-chain indicators is imperative.
At this moment, Dogecoin's open contracts are strongly rising, with a 5.38% increase helping it break through the $2 billion ceiling.
How significant is Elon Musk's energy in helping Dogecoin reach the historic milestone of $1?
Especially with Donald Trump’s term about to begin and Elon Musk taking on the role of co-chairman at DOGE, the situation is filled with uncertainty, sparking numerous market discussions.
Currently, Dogecoin's immediate technical condition is under the spotlight; it needs to act like a 'warrior' and break through the key resistance of $0.42 to potentially advance towards higher targets like $1.
