Dogecoin's (CRYPTO: DOGE) is up 5% on Thursday and 21% over the past seven days as increased market enthusiasm has analysts speculating about whether the “king of memes” can kickstart another rally.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Dogecoin (CRYPTO: DOGE) | $0.3891 | $57.3 billion | +5.3% | +21.4% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002241 | $13.2 billion | +2.2% | +5.2% |
| Pepe (CRYPTO: PEPE) | $0.00001845 | $7.7 billion | +1.9% | +6.9% |
Trader Notes: Crypto chart analyst Ali Martinez on X drew parallels between Dogecoin’s current price action and its last bull cycle.
In 2021, DOGE began its second major rally on January 25 after a 56% price correction.
Similarly, the meme coin recently underwent a 46% correction, which could set the stage for another upward move in the coming week if history repeats itself.
Rose Premium Signals, another trading analyst, identified a double-bottom pattern on the DOGE chart, signaling a possible bullish reversal.
They forecast a breakout with initial targets at $0.56261 and $0.63998, aligning with a classic recovery structure.
Technical analust Kevin noted DOGE is attempting to break out of a falling wedge pattern.
If successful, the next key resistance level will be $0.4155.
Statistics: Coinglass data shows open interest spiked around 4% to $4.7 billion, its all-time highest level. Liquidations in the past 24 hours stood at $13.9 million with long liquidations of $6.6 million.
Community News: Binance recently announced an expansion of its financial services platform, integrating Dogecoin, Litecoin and ChatGPT into its Fixed Rate Loan system.
Traders can now use DOGE as collateral.
Read Next:
- Dogecoin Up 10%, Shiba Inu Rises 6%: What’s Driving The Surge?
Image: Shutterstock
