Rally

Dogecoin

Million

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/rYDCZimi-1-e1701874441788.png" class="attachment-full size-full wp-post-image" alt="Doge price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Dogecoin Price Prediction: Amid the recent uptick in the broader crypto market sentiment, Dogecoin (DOGE) demonstrated <a href="https://coingape.com/markets/dogecoin-price-prediction-as-doge-skyrockets-can-it-continue-to-0-1/">significant momentum</a> starting from the fourth week of November. The coin rebounded from a local support level of $0.07, achieving a remarkable 48.8% increase to reach a high of $0.106. This rally is noteworthy as it signifies the Doge price breaking out of a year-long accumulation phase, hinting at an early sign of a trend reversal. 
Also Read: <a href="https://coingape.com/markets/dogecoin-price-prediction-doge-breaks-700-day-resistance/">Dogecoin Price Prediction As $DOGE Breaks 700-Day Resistance; Is Rally $0.1 Imminent?&nbsp;</a> 
<h2 id="b-triangle-breakout-hints-massive-bull-run-ahead-b">Triangle Breakout Hints Massive Bull Run Ahead</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The DOGE price breakout from the triangle pattern hints at the continuation of the recovery trend.</li> 
 <li style="font-weight: 400;" aria-level="1">A bullish crossover between the 100-and-200-day EMA should accelerate the recovery momentum.</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume in Dogecoin is $2.58 Billion, indicating a 58% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/r/rYDCZimi.png" alt="Dogecoin Price Prediction" width="1946" height="1104">
 <figcaption class="wp-caption-text">
 Dogecoin Price Prediction | TradingView Chart
 </figcaption>
</figure> 
As the market gears towards recovery, the <a href="https://coingape.com/price/dogecoin/">Dogecoin price</a> achieved a bullish breakout from the resistance trendline of a symmetrical triangle pattern on December 2nd. This pattern, characterized by the coin’s price oscillating within two converging trendlines, hinted at impending changes in trend direction.&nbsp; 
The breakout has propelled the coin price to a 7-month high of $0.105. Coinciding with its <a href="https://coingape.com/dogecoin-price-skyrockets-ahead-of-doge-10th-anniversary-what-next/">10th anniversary</a>, Dogecoin experienced an additional surge of 13%, challenging the overhead resistance.&nbsp; 
<blockquote>
 As the DOGE price continues to ride the momentum of the triangle pattern, it has the potential to reach targets between $0.16 and $0.22, provided that the buying pressure is sustained.&nbsp;
</blockquote> 
However, the immediate resistance at $0.105 could lead to a minor retracement. In such an event, DOGE holders might consider the 38.2% or 50% Fibonacci retracement levels as strategic points for setting stop-loss orders to mitigate risk. 
<h2 id="b-doge-futures-open-interest-reaches-625-million-b">DOGE Futures Open Interest Reaches $625 Million</h2> 
<figure id="attachment_168069" aria-describedby="caption-attachment-168069" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-168069 size-full" src="https://coingape.com/wp-content/uploads/2023/12/image_2023-12-06_20-21-58.png" alt="DOGE Futures Open Interest (USD)" width="1692" height="465" srcset="https://coingape.com/wp-content/uploads/2023/12/image_2023-12-06_20-21-58.png 1692w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-06_20-21-58-300x82.png 300w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-06_20-21-58-1224x336.png 1224w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-06_20-21-58-768x211.png 768w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-06_20-21-58-1536x422.png 1536w, https://coingape.com/wp-content/uploads/2023/12/image_2023-12-06_20-21-58-150x41.png 150w" sizes="(max-width: 1692px) 100vw, 1692px">
 <figcaption id="caption-attachment-168069" class="wp-caption-text">
 Source- Coinglass
 </figcaption>
</figure> 
The dollar-denominated open interest in DOGE, which represents the total value involved in active futures and perpetual futures contracts, has experienced a significant surge. In just two weeks, this figure has climbed by $405% Million to $625 million, the highest recorded in over a year, as per the data from CoinGlass. Such a substantial increase in open interest, aligned with the ongoing recovery in the DOGE price, suggests growing investor confidence and interest in an asset. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The ADX slope at 35% suggests that the buying momentum might be nearing exhaustion, indicating the possibility of a minor pullback.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Averages: The ongoing recovery finds dynamic support from the 20-day and 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a>, which have provided a reliable safety net during pullbacks.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/dogecoin-price-prediction-whats-ahead-for-doge-after-26-surge/">Dogecoin Price Prediction: What’s Ahead for $DOGE After 26% Weekly Surge?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Dogecoin Price Prediction: What’s Ahead for $DOGE After 26% Weekly Surge?

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