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Is Dogecoin DOGE Price on the Verge of a Potential Price Surge?

I witnessed Dogecoin (DOGE) rose significantly after Bitcoin's recovery and surpassed the $66,000 mark. Which triggered a recovery across the entire digital currency market. Some digital currency market analysts expect this upward trend to continue and perhaps lead to a new wave of interest in meme currencies.

Although DOGE price has not performed as expected, it is still struggling to cross the $0.15 level. However, digital currency analysts expect that its price could rise further.

but a few Analytics predicts that Dogecoin DOGE will turn into an uptrend at some point. It indicates that breaking the $0.15 barrier could lead to a further rise towards $0.2. It is then expected to cross the $0.175 level, indicating continued gains.

Despite poor performance, positive indicators exist

Even if the Dogecoin Price DOGE The results were not those expected by investors. However, the steady rise in bullish indicators indicates that the currency could see a late rally.

One such indicator is that open interest for Dogecoin (DOGE) increased by more than 10% to $869.54 million in the last 24 hours, according to Coinglass data. This indicates a steady increase in interest in the currency among traders. Historically, whenever open interest begins to increase, the price of Dogecoin (DOGE) follows.

Another indicator that has seen a bullish change is the daily trading volume of Dogecoin DOGE. Data from CoinMarketCap shows that DOGE's daily trading volume also saw an 11% increase over the past day, reaching over $1.8 billion.

If these indicators continue, DOGE will eventually turn bullish. A rise similar to that seen in February could easily push it towards $0.4. However, at the moment, the token is still struggling at $0.154, indicating a slight increase of 3.24% over the past day.

Technical analysis of Dogecoin DOGE price

Dogecoin (DOGE) daily price chart Source: TradingView
Dogecoin (DOGE) Daily Price Chart Source: Trading View

On the daily chart, Dogecoin Price DOGE Prices were moving in a bearish channel. Although it managed to cross the upper boundary, it has been moving sideways since mid-April. After failing to breach the $0.1633 resistance level at the 38.2% Fibonacci retracement.

So from a technical point of view, breaking this resistance is a prerequisite for a return Dogecoin Price DOGE Stand up and talk about the end of the current correction wave.

In general, unless we see revolutionary developments in the use of this meme currency in the project of payment operations for the X platform (Twitter) by Musk's decision. That is to say a sharp increase in the price of Bitcoin beyond the previous peak. Since We are unlikely to see large increases Like the 3 numbers everyone is looking for. But business opportunities remain.

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Elhadi Bouazizi

Hedi Bouazizi has been a professional trader for 15 years in the Forex and Cryptocurrencies sectors. Hadi graduated from the Faculty of Engineering, but specialized in the field of digital economy and trade, and has been professionally writing economic content and technical and fundamental analysis for a long time. Al-Hadi also helps enrich Arabic educational content related to cryptocurrencies and blockchain in many global centers and financial markets.




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