Pretty good news from the analysts! Dogecoin is eyeing a comeback that might leave jaws on the floor.
After staging a slick weekend rally, shooting over 15% to flirt with $0.30 , DOGE hit a snag thanks to routine market jitters and the looming Fed rate cuts.
But don’t let that glitch fool you, the crypto crowd’s bullish vibe hasn’t dimmed one bit.
In fact, whispers are growing louder that Dogecoin might stomp past $1 and charge straight to $3.5. Woof!
Dogecoin bull parade again?
Rewind to 2021, when Dogecoin wasn’t just a joke but a rocket ship skyrocketing over 30,000% in months, literally ushering in an actual memecoin revolution and making room for contenders like Shiba Inu.
Now, crypto analyst Zonix isn’t promising a repeat of that astronomical growth, but a four-digit jump isn’t just fantasy.
Data from charts shows Dogecoin edging toward a key breakout point at $0.30, and the expert say that’s the threshold that could unlock its bull parade again.
Analysts point to an intriguing pattern dubbed funneling, which might have reached its climax with the recent rally hitting a third reaction high, the RH3.
If this funneling phase is truly over, Dogecoin could be on the verge of a new uptrend.
It’s almost like the coin is revving its engines, prepping for a surge that might blast it all the way to $3.5, a level representing a 1,250% gain from today’s price.
Did you hear about a god candle? This would be it.
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Trading volume is peaking, open interest at ATH
What’s fueling this frenzy? Volume, guys. Dogecoin’s rally was powered by a jump in trading volume hitting $19.66 billion on the weekend, one of the highest peaks this month.
More importantly, open interest, basically a measure of how many traders are betting big on DOGE, hit an all-time high above $6 billion.
When the whales wake up and start splashing cash, you know something big might be brewing.
Investor attention
Of course, this isn’t a guaranteed rocket launch. We’re talking about crypto, nothing is certain.
Market mood swings and external factors like Fed decisions still loiter in the background.
But right now, Dogecoin is basking in the spotlight of investor attention, with momentum that just might carry it into the stratosphere.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
