Dogecoin has seen another surge after Bitcoin recovered above $66,000, which in turn sparked a broader crypto market recovery. Crypto analyst Crypto Scient expects the bullish sentiment to continue and eventually lead to the start of another meme coin craze.
Dogecoin will kick off the Meme Coin craze
Currently, the price of Dogecoin is not as optimistic as expected as it is still struggling to break through $0.15. However, it has not dampened the expectations for the meme coin as cryptocurrency analysts continue to predict that its price still has room to rise.
Crypto Scient is the latest in a long line of analysts who believe this, predicting that meme coins will turn bullish at some point. As he explains, once Dogecoin prices rise, it could spark another memecoin frenzy as other memecoins start to move with it, similar to what happened in February 2024.
The cryptocurrency analyst noted that a breakout above $0.15 could spark another rally to $0.2. Then, after that, he expects the meme coin to breakout and flip again, but this time to the $0.175 level. At this point, Crypto Scient expects a continuation signal for further gains.
As for price targets, analysts have capped their targets at $0.34. From the current level of around $0.155, this would represent an increase of more than 100%. However, even at this price point, the price would still be around 50% below its all-time high of $0.7.
DOGE indicator flips bullish
Although its price performance has not been as good as investors had hoped, the steady rise in bullish sentiment across Dogecoin indicators suggests that the meme coin may finally be seeing a delayed rally. One of these indicators is open interest.
According to Coinglass, in the past 24 hours alone, Dogecoin’s open interest has risen by more than 10% to $869.54 million. This shows that traders who are not opening more positions in the meme coin are steadily increasing their interest in altcoins. Historically, whenever open interest starts to rise, DOGE prices have also risen.
Another indicator that showed a bullish reversal was Dogecoin’s daily trading volume. DOGE’s daily trading volume also increased by 11% in the last day, rising to over $1.8 billion, according to CoinMarketCap.
If these indicators hold true and Dogecoin eventually turns bullish as Crypto Scient predicts, a rally similar to the one in February could easily push it towards $0.4. However, currently, the meme coin continues to struggle at $0.154, indicating a slight increase of 3.24% in the last day.
If you also want to dig deep into the cryptocurrency circle and maximize your investment returns, but you can't recognize the market, then no matter how good the opportunity is, it has nothing to do with you. Follow me on the homepage, and I will share spot codes, bull market layout strategies, and 100-fold potential coins for free every day!
