As Dogecoin (DOGE) sustains its position as the biggest meme coin with a $96.32 billion market cap, analysts expect a moonshot rally. The short-sighted traders target $0.37 and $0.41, while long-term gains could witness DOGE price crossing double digits.
The meme coin’s market cap stands at $96.32 billion, with a 2.68% rise over the past seven days. While the fluctuations are growing intense, Dogecoin DOGE $0.17 24h volatility: 3.5% Market cap: $24.60 B Vol. 24h: $966.16 M sustains its market price above the $0.30 psychological mark.
Currently, the Dogecoin price stands at $0.3193, with a 2.41% drop in the past 24 hours. Despite that, with a market cap of $47 billion, Dogecoin dominates nearly 49% of the memecoin space.
Dogecoin Price Analysis
In the 4-hour price chart, Dogecoin showcases a pullback phase, giving rise to a resistance trendline. This has resulted in two bearish reversals, keeping the bullish momentum in check.
Currently, the present 4-hour candle reflects higher price rejection and a failure to cross above the resistance trendline.
Delaying the bullish breakout, Dogecoin price action has highlighted crucial loss support at the $0.3014 mark. The sideways trend over the past week highlights a bullish divergence in the RSI line, supporting the possibility of a breakout run.
However, the bearish alignment of the 20, 100, 50, and 200 EMA lines in the 4-hour price chart acts as dynamic resistances. Hence, the trendline breakout rally is likely to face multiple oppositions and sharp fluctuations upon breakout.
Based on the Dogecoin price action, the Dogecoin price could target $0.37 or $0.41 as the next price target. On the flip side, a drop below the $0.30 mark will likely test the $0.2658 support level.
Dualities in the Dogecoin Derivatives
As the DOGE price trend over the past week remains sideways, the Dogecoin open interest has fallen by 2.71% to hit $2.02 billion. Meanwhile, the OI-weighted funding rate remains at 0.0098%.
This reflects the traders’ willingness to pay the same premium as last week to hold on to their bullish positions. Supporting the upside chances, Binance traders are extremely bullish on Dogecoin, with a long-to-short ratio of 4.07 based on accounts and 3.44 based on positions.
Hence, the Dogecoin traders on Binance are anticipating a recovery run in the coming weeks.
However, over the past 24 hours, the $8.14 million liquidations highlight a $7.13 million loss of long-side traders, revealing growing bearish sentiments in the short-term price trend.
Analyst Expects DOGE Price to Hit $16
As meme coins are known to witness massive fluctuations and quick pullbacks, looking at the longer picture provides a more stable approach. In a recent tweet, Ali Martinez highlighted a rising channel pattern in the Dogecoin price trend.
#Dogecoin $DOGE could rally by another 6,770% if it continues to follow the ascending parallel channel pattern! pic.twitter.com/Js9mYGwevK
— Ali (@ali_charts) December 30, 2024
Currently, the pullback phase is part of the recovery run in the channel pattern. Approaching the midline near the $1 psychological mark, Dogecoin is anticipated to reach the $17.76 mark by analyst Ali Martinez.
This accounts for a 6,770% price jump if the meme coin continues to follow the rising channel pattern. Surprisingly, the Dogecoin price has surged nearly 444% from the bottom support of the rising channel pattern.
This pattern was observed prior to the 2021 bull run, which accounted for a 12,000% surge in early 2021.
In short, Dogecoin (DOGE) holds strong in the meme coin market, showing recovery potential. However, traders should wait for the trendline breakout and remain cautious of high volatility and dynamic resistances.