DOGE Price Prediction: Potential for a 50% Increase to Hit $0.3?

• DOGE’s bullish trend may hit $0.32, says Altcoin Sherpa.
• Binance leads DOGE in OI with $468.8 million.
• Open interest in DOGE rises, indicating strong momentum.

In recent developments, crypto analyst Altcoin Sherpa shared an optimistic viewpoint on Dogecoin (DOGE), spotlighting its robust position above a crucial weekly level and its potential ascent to $0.32. 

According to Altcoin Sherpa, investing in DOGE now is considered a “completely reasonable idea,” highlighting its comparative safety against other investments. The analyst further suggested that Dogecoin might soon outshine a range of other assets, marking it as a lucrative prospect for both traders and investors.

Altcoin Sherpa said in a tweet:

I think being long DOGE is a completely reasonable idea and I think that it’s one of the safer trades you can do. Probably outperforms a lot of other stuff too, tbh.

On the same accord, CoinMarketCap data reveals that the digital currency Dogecoin has exhibited bullish momentum in the last 24 hours. Based on the data, it rallied from an intra-day low of $0.1974 to a peak of $0.2076 before encountering resistance. 

DOGE/USD 24-Hour Chart (Source: CoinMarketCap )

Despite these fluctuations, the market sentiment remains strongly bullish, with the price of DOGE stabilizing at $0.1992 at the time of reporting. This marks a 0.72% increase from its earlier support level, underscoring the currency’s growing traction among investors.

The Rise of DOGE Open Interest

The meme-based cryptocurrency, Dogecoin, created as a humorous take on digital currency, has experienced a notable increase in market performance recently. A key factor contributing to this uptrend is the growth in Dogecoin’s open interest (OI). According to data from CoinGlass, it has climbed by 2.12% over the last 24 hours, reaching $1.69 billion. This uptick suggests that an increasing number of traders are initiating new positions in DOGE.

Leading the charge in this surge of open interest is Binance, which accounts for the majority with $468.80 million. Following closely are Bybit and the Singapore-based BingX, holding second and third positions with open interests of $432.11 million and $216.95 million, respectively. This upward trend in open interest is a strong indicator that Dogecoin’s bullish momentum might carry sufficient momentum for further gains in the coming week.

DOGE Eyes the $0.3 Zone

The market dynamics of Dogecoin (DOGE) against the US Dollar (USD) from August 2023 to April 2024 have presented a fascinating narrative of fluctuation and potential growth. The tale begins with Dogecoin establishing a critical level of support at $0.0563, a position it maintained diligently for over six months. This steadfastness at such a crucial price point marked the beginning of a possible transition from a bearish to a bullish market trend, signaling to investors the potential onset of a rising trajectory.

DOGE 1-Day Chart (Source: TradingView )

As the narrative unfolds, the volatility within this period took a distinct shape, notably through the emergence of a consolidation box pattern towards the end of 2023. The subsequent break above this pattern led to a retracement back to the 50% Fibonacci level, a development often interpreted as a normal corrective action within an overarching bullish trend. This particular moment in the story offered bullish traders an opportune moment to enhance their positions, hinting at the market’s optimistic pulse.

Amplifying the bullish sentiment was a remarkable 209.46% surge in Dogecoin’s valuation over the period, underscoring the positive momentum building within the market. At the current juncture, Dogecoin is challenging the $0.22 resistance level, exhibiting both strength and the potential for further ascension. 

Market analysts speculate that a breach of this resistance could catapult DOGE to new heights, possibly reaching the $0.3 zone. However, should this barrier hold firm, a retreat to the $0.17 support level might occur before Dogecoin gathers the momentum for another upward push.