2 Reasons Dogecoin (DOGE) Could Surge 70%Â đŸš€đŸš€đŸ’«

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Dogecoin (DOGE) recently broke above a falling wedge pattern, which it had been trading within for several months. This type of breakout typically signals a potential upside reversal, hinting at a continued rally.

When a falling wedge resolves, the price often rises by the maximum distance between the upper and lower trendlines. For Dogecoin, this could suggest a significant price surge of up to 72%. Should meme coin holders anticipate such a rally?

Dogecoin’s positive funding rate highlights growing optimism among its holders about its potential for a sustained rally. Trading at $0.11 at the time of writing, the meme coin has seen its price surge by over 10% in the past week. 

Since September 17, the coin has posted only positive funding rate, indicating the persistent demand for long positions. This is a bullish signal because it creates a self-reinforcing cycle in which more traders enter the market because they believe the coin’s price will grow — a sentiment that ultimately propels prices even higher. At press time, the meme coin’s funding rate is 0.01%.

Dogecoin’s Aroon indicator, which measures trend strength, supports the possibility of a continued rally. The Aroon Up Line, currently at 100%, signals that DOGE is in a strong uptrend, with buying pressure keeping prices near recent highs.

Traders view a 100% reading as a sign that the upward trend could persist, especially when the Aroon Down Line is low. As of now, DOGE’s Aroon Down Line stands at 28.57%, indicating a lack of recent lows and reinforcing the strength of the current uptrend. 

$DOGE