Dogecoin is once again seeing an uptrend after Bitcoin rebounded above $66,000, which in turn sparked a recovery in the broader cryptocurrency market. Cryptocurrency analyst Crypto Scient predicts that this bull trend will continue moving forward and eventually lead to the beginning of another meme coin mania.
Dogecoin is set to start the Meme coin mania
Currently, Dogecoin price is not as bullish as expected as it is still struggling to break out of the $0.15 level. However, this has not eroded the outlook for the meme coin, as cryptocurrency analysts continue to predict that its price still has room to rise.
Crypto Scient is the latest in a long line of analysts who think so, and expect the memecoin to trend upward at some point. As is He explainsonce the price of Dogecoin flips higher, it will start another meme coin mania as other meme coins start moving with it, similar to what was seen in February 2024.
The cryptocurrency analyst notes that a break above $0.15 could lead to another rally towards $0.2. After that, the meme coin is expected to break and flip again, but this time, reaching the $0.175 level. At this point, Crypto Scient expects a continuation signal for further bullish surges.
As for price targets, the top of the analysts' target lies at $0.34. From the current level of around $0.155, that would mean an increase of over 100% from here. However, even achieving this price point it will still be around 50% below its all-time high of $0.7.
DOGE metrics are fluctuating higher
Although its price has not been as good as investors had hoped, the steady rise to the upside in Dogecoin's metrics suggests that the meme coin may eventually see a late rally. One such measure is open interest.
Over the past 24 hours alone, Dogecoin's open interest has risen more than 10% to $869.54 million, according to Data From Quinglass. This indicates a steady rise in interest in the altcoin among traders who are not opening more trades on the memecoin. Historically, whenever open interest starts to rise, DOGE price follows as well.
Another metric that has seen a bullish reversal is Dogecoin's daily trading volume. Coin Market Cap Data It shows that DOGE's daily trading volume also saw an 11% increase over the last day, rising to over $1.8 billion.
If these metrics continue and Dogecoin eventually turns to the upside as Crypto Scient predicts, a rally similar to what was seen in February could easily push it towards $0.4. However, at the moment, the meme coin continues to struggle at $0.154, indicating a small increase of 3.24% in the last day.
Chart from Tradingview.com