DOGE holders might be in for a pleasant surprise if a certain scenario happens.
DOGE price is up 13.14% in the past 7 days
Some analysts expect a 102% rise to $0.22.
Dogecoin (DOGE), the world’s largest meme coin by market cap, has seen strong bullish momentum over the past month. This is despite the fact that a large portion of the cryptocurrency market has been stuck in a rut of volatility for a while now.
In fact, at the time of writing, DOGE is trading at $0.1062 after gaining 1.08% in the last 24 hours. The memecoin has also made significant gains over the past week, rising 13.14% on the charts.
The high trading volume of memecoin has confirmed DOGE’s resilience. The figures for the coin have risen by 30.75% to $643.9 million in the past 24 hours. During the same period, its market cap has also risen to $15.4 billion.
These market conditions have undoubtedly sparked optimism among major players in the market. Even well-known cryptocurrency analysts like Javon Marks are predicting a 102% rise, citing the recent breakout.
Could market sentiment be the deciding factor?
In his analysis, Marks claimed that the breakout from the falling wedge has now been confirmed after a retest of the breakout.
In this context, when a breakout is confirmed, it means that the price has broken through the upper resistance line of the wedge, indicating a possible trend reversal. Prices usually test the breakout level after a breakout. A retest is often seen as a confirmation of the validity of the breakout and provides a basis for further upside.
Based on this analysis, this breakout puts DOGE in a position for a massive rally, as it could surge by 102% to $0.22 in the short term. According to the analyst, there could also be a sustained rally to $0.6533 in the long term.
Therefore, if the current breakout remains valid and DOGE maintains its current momentum, it could see significant gains.
Are there any answers to DOGE charts?
Over the past month, DOGE has been on a strong rise, gaining 3.55%. As Marks’ analysis points out, breaking out of the descending channel now puts memecoin in a position to make further gains.
Hence, these prevailing market conditions could lead to Memecoin making sustainable gains on the price charts.
Consider this – at the time of publishing this report, the aggregated Dogecoin funding rate by exchange was positive at 0.01, with the same rate remaining largely positive since August 8.
A positive funding ratio aggregated by the exchange indicates that long holders are paying for short positions. This can be interpreted as a signal that the market is bullish as there are more traders investing than short traders. This market behavior represents investor confidence and greater buying pressure.
Additionally, this phenomenon can be supported by a positive OI-weighted funding rate. A positive OI-weighted funding rate means that demand for long positions exceeds demand for short positions. This is another bullish signal.
Since DOGE is currently enjoying favorable market conditions, it could be poised for further gains. Hence, if memecoin maintains its momentum, it will reach at least $0.11 in the near term. In a bullish scenario, it could rise to $0.128 as well.
