Crypto Analyst Predicts 100% Rise For Dogecoin To $0.3 As Major Metric Explodes

Dogecoin appears to have shifted into a bullish trajectory, at least in the short term, prompting analysts to predict optimistic outlooks. Notably, DOGE has experienced a 7% increase in the past 24 hours and a 14% gain over the past 3 days.

Current price action suggests the cryptocurrency is poised to break past a resistance level of approximately $0.16. A crypto analyst known pseudonymously as World Of Charts expresses confidence in the likelihood of this breakout and anticipates a surge in DOGE's price to a target range of $0.27 to $0.30, representing a potential 100% increase on the upper end.

Significant Dogecoin Metrics Surge

Dogecoin is exhibiting bullish momentum across several metrics, which has fueled investor interest. One such metric is the open interest in DOGE on crypto exchanges. As of this writing, Dogecoin's open interest has witnessed a spike of over 12.47% in the past 24 hours, reaching $883.89 million, according to Coinglass data.

Additional metrics, such as an increase in derivatives volume and a 14.4% rise in trading volume over the past 24 hours, also indicate heightened activity for DOGE, which could translate into a substantial price uptick.

Chart Analysis Suggests Bullish Breakout

Based on a 12-hour timeframe Dogecoin chart shared on social media platform X by World Of Charts, DOGE is on the cusp of breaking out of a descending triangle. This chart pattern reveals a series of lower highs with equal lows since early April.

This type of descending triangle is considered a particularly strong bullish indicator for Dogecoin analysts, especially considering it emerged following a robust DOGE uptrend in February and March. When this pattern occurs within an established uptrend, it typically signals a corrective phase before the trend resumes.

The analyst notes that DOGE is "on the verge of another breakout." According to their analysis, a successful breakout would propel DOGE along an uptrend continuation, potentially reaching $0.27 to $0.30 for the first time since October 2021.

Despite experiencing a 182% price increase in February and March, DOGE has yet to surpass $0.27 this year. The cryptocurrency peaked at $0.22 before undergoing a correction to $0.13, representing a 40% decline.

At the time of writing, DOGE is trading at $0.156 and could continue its upward momentum for the remainder of the month. The initial hurdle before reaching $0.3 is to break above a resistance level of $0.167. If DOGE manages to surge past $0.17 and maintain this price level, it could continue its ascent to $0.22 and beyond.