After meme tokens recorded a comfortable rise in the charts, Dogecoin (DOGE) investors are smiling. The recent price increase pushed the world’s largest meme token to a critical level, which could lead to further price increases in the coming days.
Analyst’s DOGE Commentary
CoinMarketCap’s data revealed that DOGE price gained more than 5% in the last seven days. Another notable situation was the meme token’s value increasing by over 7% in the last 24 hours. At the time of writing, DOGE is trading at $0.1562 with a market cap of over $22.5 billion.
A popular cryptocurrency analyst, World of Charts, recently shared a tweet highlighting a bullish pattern in the meme token’s daily chart. Thanks to the recent price increase, Dogecoin seemed poised to break above this pattern, which could encourage further growth. According to the tweet, a breakout could result in DOGE reaching $0.3 in the coming weeks.
Recently, analyses showed an improvement in DOGE’s MVRV ratio. The market sentiment around the meme token also turned positive. With the increase in weighted sentiment, this could mean that bullish sentiment prevails in the Dogecoin market.
Current Data on DOGE
Moreover, DOGE’s open positions increased along with its price. An increase in this metric usually indicates that the prevailing price trend is likely to continue. Additionally, the MACD, a technical indicator, showed a clear bullish trend. The Relative Strength Index (RSI) is above the neutral level of 50. Another bullish indicator was the rising Chaikin Money Flow (CMF).
All these indicators suggest a high chance of DOGE breaking out of its bullish formation, which could enable DOGE to reach $0.3. If the bull rally continues, DOGE’s price will first reach $0.16, as liquidations increased near this range during DOGE’s last touch. Since high liquidations usually lead to price corrections, it may be important for DOGE to surpass this level first. According to analysts, DOGE could enter the $0.166 to $0.17 range. A successful breakout above the same level could clear the path for the meme token to reach $0.3.
