Benzinga – dogecoin (CRYPTO: DOGE) Cryptocurrency analysts have raised bullish expectations for meme coins after posting impressive gains this week.
what happened: A widely followed technical analyst who works under a pen name. world of chartsdrew attention to DOGE’s descending wedge pattern, which is usually interpreted as bullish by experts.
“If the breakout is successful, we would expect a move towards $0.27-$0.30, but we are on the verge of another breakout,” the analyst said. Notably, such a move would imply an increase of 74-100% from current prices.
$Doge
On the verge of another breakout, expect a move towards $0.27-0.30 if the breakout is successful #Crypto #Doge pic.twitter.com/zRc7ypOhXy
— World of Charts (@WorldOfCharts1) May 15, 2024
Kevin is another well-known analyst. gave a more conservative estimate and set $0.18 and $0.22 as the coin’s next important levels.
“You need to hold this area for potential backtests and then aim for 0.18 cents and then 0.22 cents for inverse head and shoulders if within reach,” Kevin emphasized.
#Dogecoin chart update. Officially broke the .153 level and 200 SMA in 4HR. You should hold this area on a potential back test, then 0.18 cents, then his 0.22 cents on an inverse head-and-shoulders target if within reach. #DOGE #Altcoin #Virtual currency https://t.co/CjdWApVcas
— Kevin (@Kev_Capital_TA) May 16, 2024
Why it’s important: DOGE has been buoyed by the “Roaring Kitty” phenomenon and overall market improvement driven by sound macroeconomic data.
Since the beginning of the week, the King of Memes coin has increased by 16% and has seen positive changes in several of its key parameters.
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DOGE’s open interest soared 10.76% in the past 24 hours to a one-month high of $876 million, according to data from Coinglass. Furthermore, the positive funding rate increased, indicating that most of the newly created positions are aimed at increasing the price of DOGE.
price actionAt the time of writing, DOGE was trading at $0.1556, up 6.38% in the past 24 hours, according to data from Benzinga Pro.
Read next: This trader believes “BTC and Meme Barbell Portfolio” is the most profitable trading strategy
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