According to Coinmarketcap data, over the past 24 hours, the price of $DOGE coin has increased by 5.6%, reaching $0.36. According to crypto analysts, the meme coin may continue to rise. Technical analysis also confirms a bullish scenario for the cryptocurrency.
On the daily chart, it can be seen that the recovery of Dogecoin is approaching the end of the 'Morning Star' pattern formation. This could indicate a potential early reversal and breach of the upper limit. If a breakout occurs upwards, Fibonacci levels based on the trend could lead to a target at 50% of 0.4973.
The exponential moving average (EMA) lines continue to maintain a positive direction despite short-term volatility. The daily RSI line also shows higher lows and remains above the midpoint.
These technical indicators confirm a strong bullish momentum for Dogecoin. Independent crypto analyst Ali Martinez also notes the enormous growth potential of the meme coin in the near future.
In addition to bullish technical patterns, Martinez draws attention to the activity of large Dogecoin holders who purchased 500 million tokens in the last 24 hours. The launch of the DOGE-ETF has also influenced the meme coin's growth. Bloomberg analyst Eric Balchunas suggests that this event could happen within the next 75 days.
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