Dogecoin (DOGE) is about to start a frenzy? Another meme coin craze is coming!
After Bitcoin recovered to above $66,000, Dogecoin has seen another surge, which in turn has sparked a recovery in the broader crypto market. Crypto analyst Crypto Scient expects this 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 bullish as expected as it is still struggling to break through $0.15. However, it has not dampened expectations for the meme coin as crypto analysts continue to predict that its price still has room to rise.
Crypto Scient is the latest of many analysts who believe this and expects the meme coin to turn bullish at some point. As he explains, once the price of Dogecoin rises, it will trigger another meme coin craze as other meme coins begin to move with it, similar to what happened in February 2024.
The crypto analyst notes that a breakout above $0.15 could trigger another rally to $0.2. Then, after this, 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, the analyst’s target is capped at $0.34. From the current level of around $0.155, this would represent a gain of more than 100%. However, even at this price point, its price would still be around 50% below its all-time high of $0.7.
DOGE Indicators Flip Bullish
Although its price performance has not been as good as investors had hoped, the steady rise in bullish sentiment in Dogecoin indicators suggests that the meme coin could finally see a delayed rise. 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 indicates a steady rise in interest in altcoins among traders who have not opened more positions in the meme coin. Historically, whenever open interest starts to rise, DOGE price also rises.
Another indicator of a bullish reversal is Dogecoin’s daily trading volume.
According to CoinMarketCap, DOGE’s daily trading volume also grew by 11% in the last day, rising to over $1.8 billion.
If these indicators hold true and Dogecoin eventually turns bullish as Crypto Scient predicts, a rally similar to that seen in February could easily push it to $0.4. However, for now, the meme coin continues to struggle at $0.154, indicating a small gain of 3.24% in the last day.
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