Dogecoin (DOGE) surged by 13% over the past 24 hours, reaching a high of $0.1249 from a low of $0.1105. As of 9:00 AM UTC on Wednesday, the meme coin maintained a 7% gain, settling near the $0.12 range. DOGE’s price movement follows a notable increase in trading activity, with CoinGlass data revealing a 25.06% jump in volume, now totaling $1.32 billion. Some analysts suggest that Dogecoin could reach $2.7 by December, based on similar patterns seen in previous market cycles.

DOGE/USD 1-day price chart. Source: CoinGecko

Meanwhile, Data from CoinGlass also showed a 3.49% rise in Open Interest, now at $597.38 million. This reflects more traders taking positions on DOGE, indicating bullish sentiment.

Price Could Reach $2.7 by December

Crypto analyst Master Kenobi pointed out a recurring pattern in Dogecoin’s price action, noting similarities to a previous cycle. He observed that DOGE has followed a trend of four green weeks followed by two red ones. Based on this, he predicts DOGE could hit $0.39 by Oct. 28, 2024, if the pattern holds. Kenobi goes further to suggest that by Dec. 1, DOGE may reach $2.7.

DOGE/USD 1-week price chart. Source: X

Additionally, analyst @X_Four_iv, further fueled the DOGE hype with a breakout alert. The post highlighted DOGE’s recent breakout from $0.10, suggesting that the meme coin could now target $0.18—a potential 119.46% gain.

DOGE Could Hit $10, Says Expert

Adding to the enthusiasm, analyst Ali (@ali_charts) shared a chart predicting that Dogecoin could hit $10 in the long term. He highlighted DOGE’s ascending channel pattern, which is characterized by higher highs and higher lows, a bullish indicator. Ali believes that if this trend continues, DOGE may hit between $10 and $12, although this could take several years to materialize.

Ali predicts Dogecoin could reach $10. Source: X

He posted, “To anyone who said $10 Dogecoin is impossible—show them this chart!” His post has gained attention among the DOGE community, as investors debate the feasibility of such high price targets.

Conversely, one user noted that while Ali’s chart was visually compelling, achieving $10 would require several halvings and a 10 trillion market cap.

In short, trading volume and open interest of Dogecoin has increased, which indicates increasing investors’ interest. Expert prognoses remain almost fixated on the price, with some experts speculating that it will reach $2.7 by December.

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