Analyst Says Dogecoin Is Set To Breakout: How This Could Trigger Another Meme Coin Mania

Dogecoin is as soon as once more seeing an upside following the Bitcoin restoration above $66,000, which, in flip, triggered a broader crypto market restoration. Crypto analyst Crypto Scient expects this bullishness to proceed going ahead and ultimately result in the beginning of one other meme coin mania.

Dogecoin Set To Kickstart Meme Coin Mania

Presently, the Dogecoin worth just isn’t as bullish as anticipated because it continues to wrestle to interrupt out of $0.15. Nonetheless, it has not eroded expectations for the meme coin as crypto analysts proceed to foretell that its worth nonetheless has room to rally.

Crypto Scient is the newest within the lengthy line of analysts who imagine this, anticipating the meme coin to flip bullish sooner or later. As he explains, as soon as the Dogecoin worth flips bullish, it’ll set off the beginning of one other meme coin mania as different meme cash begin to transfer with it, much like what was seen in February 2024.

The crypto analyst factors to a break above $0.15 that might set off one other rally towards $0.2. Then, after this, he expects the meme coin to interrupt and flip as soon as once more, however this time round, it’s the $0.175 degree. At this level, Crypto Scient expects a continuation sign for additional upward rallies.

As for worth targets, the highest of the analyst’s goal sits at $0.34. From the present degree of round $0.155, it could imply an over 100% enhance from right here. Nonetheless, even attaining this worth level would nonetheless put it round 50% beneath its all-time excessive worth of $0.7.

DOGE Metrics Flipping Bullish

Regardless of its worth not performing in addition to traders hoped, the regular rise in bullishness in Dogecoin metrics means that the meme coin might find yourself seeing a delayed rally. Certainly one of these metrics is the open curiosity.

During the last 24 hours alone, the Dogecoin open curiosity has risen by over 10% to $869.54 million, based on information from Coinglass. This means a gentle rise in curiosity within the altcoin amongst merchants who aren’t open extra positions on the meme coin. Traditionally, every time open curiosity began rising, the DOGE worth has adopted as properly.

One other metric that has seen a bullish reversal is the Dogecoin every day buying and selling quantity. CoinMarketCap’s information reveals that DOGE’s every day buying and selling quantity has additionally seen an 11% enhance over the past day, rising above $1.8 billion.

If these metrics maintain and Dogecoin ultimately flips bullish as Crypto Scient predicts, then a rally much like what was seen in February might simply push it towards $0.4. Nonetheless, for now, the meme coin continues to wrestle at $0.154, indicating a small 3.24% enhance within the final day.

Chart from Tradingview.com