Dogecoin Outlook: Doge Price Prediction for the Next Cycle
The recent Dogecoin price forecast indicates that there is a strong bullish potential emerging again. The breakout patterns on the chart, derivatives data, and potential ETF developments are signaling that the market may enter a new bullish phase.
The breakout structure has opened a new market phase.
The monthly Dogecoin chart shows a wide triangle consolidation, similar to the previous accumulation phase that occurred at the end of 2020. The breakout that occurred at that time triggered the rapid rally of 2021. This time, the pattern looks similar - indicating preparation for a strong upside move.
According to crypto analyst CryptoPatel, Dogecoin has completed a confirmed breakout and retest, with the old resistance now turned into support. Such setups often appear before the start of a significant upside phase. Based on the previous fractal movement, its target could be between $2.50 and $5.00.
Chart highlights:
A confirmed breakout and retest have been observed on the monthly chart, indicating the start of a new uptrend.
Derivative data shows the possibility of a short squeeze.
According to recent derivatives data, funding rates remain consistently negative, meaning a large number of short positions are open. When the funding rate is negative, short traders have to pay to hold their positions - which means even a slight buying can trigger a short squeeze.
Such conditions are typically seen before the start of a bull market reversal. The combination of negative funding rates and breakout indicates that the upside momentum for Dogecoin could be even stronger.
Chart highlights:
The OI-weighted funding rate is negative, further supporting the bullish trend due to the short squeeze. (Source: Coinglass)
Institutional interest is increasing due to ETF developments.
Institutional interest is also rapidly increasing. Discussions are ongoing about a potential Dogecoin ETF launch by Bitwise. If approved, this will open regulated access for traditional investors and significantly increase Dogecoin's market liquidity.
These developments are coming after the success of Bitcoin ( $BTC ) and Ethereum ( $ETH ) ETFs, which are already seeing billions of dollars in inflows. The approval of a Dogecoin ETF could establish it as another institutional-friendly asset.
Future outlook: preparing for a long rally.
Chart analysis, derivatives data, and ETF developments - all signals point toward a potential long bull phase. Dogecoin's structure resembles what it was before the previous major rally.
Even though uncertainty remains regarding the timing, market signals are establishing a positive base. This time,$DOGE Price Prediction is not just a guess, but a strong approach based on technical and market data.
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