Despite the ongoing volatility in the broader cryptocurrency market, Dogecoin [DOGE], the leading memecoin in terms of market capitalization, has demonstrated a significant uptrend over the last month.
Currently, DOGE is trading at $0.1062, reflecting a 1.08% increase in the past 24 hours. The memecoin has also experienced substantial growth over the past week, with an impressive 13.14% surge in its value.
The heightened trading volume indicates DOGE’s strength, with a remarkable 30.75% increase to $643.9 million in the last 24 hours. Concurrently, the market capitalization has also risen to $15.4 billion within the same period.
This positive market environment has instilled optimism in various stakeholders. Noteworthy crypto analysts like Javon Marks are projecting a potential 102% price increase following a recent breakout.
Is Market Sentiment the Decisive Factor?
According to Marks, the breakout from the descending wedge has been confirmed after a retest, suggesting a possible trend reversal. Typically, following a breakout, prices tend to retest the breakout level to validate the upward trend.
Based on this assessment, DOGE appears poised for a substantial rally, potentially reaching $0.22 in the short term with the potential for a sustained uptrend towards $0.6533 in the long run, as suggested by the analyst.
Therefore, if the current breakout holds and DOGE maintains its positive momentum, significant gains could be on the horizon.
Insights from DOGE’s Technical Charts
Over the last month, DOGE has exhibited strong upward momentum, surging by 3.55%. As indicated by Marks’s analysis, the breakout from the descending channel positions the memecoin for further price appreciation.
With these conducive market conditions, DOGE may be gearing up for continued gains on the price charts.
Notably, Dogecoin’s exchange-aggregated funding rate is currently positive at 0.01, maintaining a largely positive trend since August 8.
A favorable exchange-aggregated funding rate suggests that long positions are outpaying short positions, signaling a bullish market sentiment and heightened buying pressure, reflective of investor confidence.
Moreover, a positive OI-weighted funding rate, where demand for long positions surpasses that of short positions, serves as an additional bullish indicator.
Given the current positive market environment, DOGE could potentially rise to at least $0.11 in the short term, with a bullish scenario projecting a surge to $0.128 as well.