- DOGE has increased by 13.14% in the last 7 days
- Some analysts predict a 102% rise to $0.22
Dogecoin (DOGE), the world’s largest memecoin by market cap, has seen strong upward momentum over the past month. This is despite the fact that much of the cryptocurrency market has been stuck in a volatile vortex for some time now.
In fact, at the time of writing, DOGE was trading at $0.1062 after rising 1.08% over the past 24 hours. The memecoin has also seen significant gains over the past week, rising 13.14% on the charts.
The memecoin’s high trading volume has underscored DOGE’s resilience. The figures for the same cryptocurrency have climbed 30.75% to $643.9 million in the last 24 hours. During the same period, its market capitalization has also increased to $15.4 billion.
Needless to say, these market conditions have sparked optimism among major market participants. Popular crypto analysts like Javon Marks are even predicting a 102% surge, citing a recent breakout.
Could market sentiment be the key?
In his analysis, Marks claimed that the breakout of the descending wedge is now confirmed after a retest of the breakout.
In this context, when a breakout is confirmed, it means that the price has broken through the upper resistance line of the wedge, suggesting a potential trend reversal. Typically, after the breakout, prices often retest the breakout level. The retest is usually seen as a confirmation of the validity of the breakout and provides a basis for a new uptrend.
Based on this analysis, the breakout positions DOGE for a massive rally, where it could surge 102% to $0.22 in the near term. According to the analyst, there could also be a sustained rise to $0.6533 in the long term.
Therefore, if the current breakout holds and DOGE maintains its current momentum, it could see significant gains.
Any answers on DOGE charts?
Over the past month, DOGE has seen a strong rally, rising 3.55%. As Marks’ analysis highlights, the breakout of the descending channel now positions the memecoin for further gains.
Therefore, these current market conditions could allow the memecoin to make sustained gains on the price charts.
Consider this: At press time, Dogecoin’s aggregate funding rate by exchange was positive at 0.01, and that same rate has remained largely positive since August 8.
A positive funding rate aggregated by exchange indicates that long position holders are paying for short positions. This can be interpreted as a sign that the market is bullish, as more traders are long than short. Such market behavior reflects investor confidence and stronger buying pressure.
Moreover, this phenomenon can be further reinforced by a positive OI-weighted funding rate. A positive OI-weighted funding rate means that demand for long positions exceeds demand for short positions. This is another bullish signal.
Given that DOGE is currently enjoying favorable market conditions, it could be on the verge of further gains. Thus, if the memecoin maintains its momentum, it will reach at least $0.11 in the short term. In a bullish scenario, it can also climb to $0.128.