Dogecoin price has by 6% today to trade at a two-week high of $0.18. The gains occurred after the crypto fear and greed index rose from 30 to 45 on March 24, suggesting that the market sentiment is shifting. Analysts now believe that the DOGE rally could just be getting started as past patterns hint that the meme coin could be on the verge of a 1200% gain. If history rhymes, can Dogecoin reach $2 for the first time?
Analyst Predicts 1200% Dogecoin Price Rally
Dogecoin price is on the verge of a nearly 1200% surge according to top market analyst Javon Marks. He opined that DOGE over the years, DOGE has entered its third bull cycle.
If this top meme coin continues with the current uptrend as buying activity surges, the immediate resistance level lies at $0.569. Flipping this level will unlock a parabolic price gain to the 161.8% Fibonacci level of $2.28.
Popular analyst Ali Chart also shared a bullish view on DOGE saying that the tightening Bollinger bands suggest that a major price move could be on the way.
As top analysts forecast that DOGE is on the verge of a bullish breakout, retail trading activity could spike. Meanwhile, data from the DOGE derivatives market shows that traders could be preparing for a significant DOGE price move.
Dogecoin Open Interest Hits 2-Week High of $1.73B
Dogecoin’s open interest is surging according to Coinglass data, suggesting that traders are creating new positions. OI has been on a gradual rise in the past two weeks and it has reached $1.73 billion, which is its highest level since March 10.
The rise in OI also coincides with positive funding rates. When this metric is positive, it suggests that long traders are funding short sellers to keep their positions open. This highlights a positive sentiment, as traders bet on a bullish Dogecoin price prediction.
The gains posted by DOGE in the last 24 hours have also sparked $4.87M in short liquidations. The liquidation map with a 30-day lookback period also shows that there is another hot liquidation zone at $0.197 where $62M short positions will be closed if DOGE extends its gains to $0.197. This will drive additional buy-side pressure.
Dogecoin Price Prediction as Bullish Momentum Builds
Dogecoin’s one-hour price chart shows a strong bullish momentum is already in play. The price has shot up to its highest price in two weeks as the RSI made a series of higher highs and reached 78, indicating a strong bullish momentum.
The MACD is also rising, which signals strong buying pressure that will sustain the positive momentum. However, for DOGE to continue the bullish trajectory, it needs to overcome critical resistance at $0.20.
The gains recorded by Dogecoin come after a report by the Wall Street Journal revealed that President Trump is planning to ease tariff policies. Trump’s trade policy has been attributed to the weak performance across the crypto industry this month. Therefore, this tariff policy shift could pave the way for more Dogecoin price gains.
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