Dogecoin (DOGE) price is flashing the same bullish signal it did in 2024, which preceded a staggering 280% rally for DOGE within months. If history rhymes and this bullish signal triggers an uptrend for the largest meme coin, it could explode to $0.50.
DOGE value today stands at $0.18 with a notable 4% gain in 24 hours. For it to surge to $0.50, it would have to record an over 170% price gain, and analysts believe that this rally is plausible.
Dogecoin Price Eyes $0.50 as it Flashes 2024 Bull Signal
Dogecoin price is following the same trend that it did in mid-2024, according to analyst Kamran Asghar on X. The analyst noted that at the time, DOGE formed a bullish divergence, whereby the price dropped as the RSI rose. This formation usually suggests that the selling pressure is weak, and buyers might soon regain control of the trend and push the prices higher.
Dogecoin has created another bullish divergence after the price tanked earlier this month, but the RSI failed to create a new low. This might suggest that the ongoing selling activity that has pushed this top meme coin lower is weak, and that buying pressure might surge again. Kamran anticipates that the price could surge to as high as $0.50.
Meanwhile, another analyst dubbed Dynamite trader on X has supported this Dogecoin price forecast, and also anticipates that this meme coin is on the verge of a bull run. This analyst also identified several bullish divergences on the daily price chart that occurred whenever the 1-day moving average (MA) crossed above the 1-week MA.
Every time the MA made a bullish crossover, as a divergence appeared, a rally ensued. Recently, this pattern was formed again, and per the analyst, this is a bullish signal that might push DOGE to $0.90.
These two chart patterns indicate that Dogecoin price might lead a broader market recovery and possibly clinch all-time highs in the coming months.
Dogecoin Open Interest Surpasses $2B
Dogecoin’s open interest has surpassed the $2 billion mark for the first time in nearly one month, according to data from Coinglass. Despite the recent retracement in price, the OI has not faltered and has instead been making a slow but gradual ascent, which is supporting the bullish outlook towards this top meme coin.
Meanwhile, Dogecoin’s funding rate continues to increase on the positive side, indicating that long traders are willing to pay a higher fee to open and maintain their long positions. This further adds weight to the bullish thesis.
Therefore, the solid technical outlook towards Dogecoin price, as well as the bullish data from the derivatives market, indicates that this meme coin is on the verge of a rally. One of the most likely targets for DOGE to hit in the near term is $0.50, which is attainable if history rhymes and it repeats the late 2024 bull run.
The post Dogecoin Price Flashes 2024 Bull Signal Again, Can DOGE Explode to $0.5? appeared first on CoinGape.
