The price target for Dogecoin is three times higher than Bitcoin. The expectation for altcoin season has strengthened recently, with Dogecoin performing steadily relative to Bitcoin. The market's expectation for a significant rise in Dogecoin during the next altcoin season has increased. Analysis indicates that due to changing market dynamics, Dogecoin's rise may be three times that of Bitcoin. The decline in Bitcoin's market dominance further supports this trend, typically indicating a rising cycle for other cryptocurrencies.
DOGE/BTC breaks resistance, targeting 0.00000516
The BTCDOGE/BTC currency pair has recently ended its liquidity chase, rebounding from key support levels and breaking through previous seller liquidity, indicating Dogecoin's strength relative to Bitcoin. Technical patterns suggest that if it can hold current levels, Dogecoin's price may rise long-term to 0.00000516 BTC, representing a 315% increase from recent lows. This trend aligns with widespread expectations for the altcoin season, positioning Dogecoin as one of the standout assets.
The technical pattern is bullish, with prices testing key ranges.
The weekly chart for Dogecoin shows a bullish structure, continuously forming higher highs and higher lows, indicating strengthened momentum. The current price is above the Ichimoku Kinko Hyo conversion line and baseline support, with resistance in the $0.28 - $0.30 range. Breaking through this resistance may release greater upward potential. The price is close to the lower limit of the range, providing traders with a clear risk-reward point, and the bullish trend is expected to continue in the short term.
The derivatives market is active, while spot prices are under pressure.
Dogecoin derivative trading volume increased by 153.96% to $9.41 billion, with open interest in options rising by 23.19% to $3.7 million and options trading volume up by 18.49% to $757,630, reflecting increased speculative activity.
During the same period, the number of open futures contracts decreased by 4% to $3.45 billion, with a liquidation amount of $18.89 million in the past 24 hours, including $14.12 million losses for long positions and $4.77 million losses for short positions. The spot market price is $0.2193, down 0.32% in the past hour, down 4.75% in 24 hours, and down 1.25% this week.
Despite significant capital inflows in the derivatives market, the spot market still faces adjustment pressure, showing a contest between bullish momentum and market correction. The rising leverage level amplifies risk, and the balance between speculative interest and spot demand needs further observation.
Entering the cryptocurrency circle means capturing trends; we are not here to earn salaries but to make money. The trend is right in front of you; if you don't seize it, you might have to wait another 2 years!
