$17
Coinspeaker Dogecoin (DOGE) Price Nears Trendline Breakout as Analyst Targets $17.
The meme coin’s market cap stands at $96.32 billion, up 2.68% over the past seven days. While fluctuations are intensifying, Dogecoin DOGE $0.32 24h Volatility: 0.9% Market Cap: $47.48 B 24h Volatility: $2.30 B is maintaining its market price above the psychological $0.30 mark.
Currently, the price of Dogecoin is at $0.3193, down 2.41% in the last 24 hours. Despite this, with a market cap of $47 billion, Dogecoin dominates almost 49% of the meme coin space.
Dogecoin Price Analysis.
On the 4-hour price chart, Dogecoin is experiencing a pullback phase, giving rise to a resistance trendline. This has resulted in two bearish reversals, keeping the bullish momentum in check.
Currently, the present 4-hour candle reflects further price rejection and a failure to cross above the resistance trendline.
Delaying the bullish breakout, Dogecoin price action highlighted crucial bearish support at the $0.3014 mark. The sideways trend over the past week highlights a bullish divergence on the RSI line, supporting the possibility of a breakout run.
However, the bearish alignment of the 20, 100, 50, and 200 EMA lines on the 4-hour price chart acts as dynamic resistances. Therefore, the trendline breakout rally is likely to face multiple oppositions and sharp fluctuations after the breakout.
Based on Dogecoin price action, Dogecoin price could target $0.37 or $0.41 as the next price target. On the other hand, a drop below the $0.30 mark is likely to test the $0.2658 support level.
Dualities in Dogecoin Derivatives.
As DOGE’s price trend over the past week remains sideways, Dogecoin’s open interest has dropped by 2.71% to hit $2.02 billion. Meanwhile, the OI-weighted funding rate remains at 0.0098%.
This reflects traders’ willingness to pay the same premium as last week to maintain their bullish positions. Supported by the bullish odds, Binance traders are extremely bullish on Dogecoin, with a long-to-short ratio of 4.07 based on accounts and 3.44 based on positions.
Therefore, Dogecoin traders on Binance are anticipating a recovery run in the coming weeks.
However, in the last 24 hours, liquidations of $8.14 million highlight a loss of $7.13 million by traders on the long side, revealing growing bearish sentiments in the short-term price trend.
Analyst expects DOGE price to hit $16.
As meme coins are known for witnessing massive fluctuations and rapid pullbacks, looking at the longer picture provides a more stable approach. In a recent tweet, Ali Martinez highlighted a rising channel pattern in Dogecoin's price trend.
#Dogecoin $DOGE could surge another 6,770% if it continues to follow the ascending parallel channel pattern! pic.twitter.com/Js9mYGwevK
— Ali (@ali_charts) December 30, 2024
Currently, the pullback phase is part of the recovery run in the channel pattern. Approaching the midline near the psychological $1 mark, Dogecoin is expected to reach the $17.76 mark, according to analyst Ali Martinez.
This represents a 6,770% price jump if the meme coin continues to follow the rising channel pattern. Surprisingly, the price of Dogecoin has rallied nearly 444% from the lower support of the rising channel pattern.
This pattern was observed before the 2021 bull run, which saw a 12,000% increase in early 2021.
In summary, Dogecoin (DOGE) is holding strong in the meme coin market, showing potential for recovery. However, traders should wait for a trendline breakout and remain cautious about high volatility and dynamic resistances.
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Dogecoin (DOGE) price nears trendline breakout as analyst eyes $17.
