warning: The results of the following analysis are the author’s opinions only and should not be considered investment advice.
- After finding a choppy bullish breakout, Dogecoin has seen a bullish pattern on the daily chart.
- DOGE’s open interest over the past 24 hours confirmed the upside increase.
Dogecoins [DOGE] October 25th rebound from the $0.06 support level formed a solid foundation for Bulls to add exponential gains to the charts. As a result, the meme coin jumped above its 20/50/200 daily moving averages to show a one-sided bullish edge.
Here AMBCryptos Dogecoin price predictions [DOGE] for the year 2023-24
Meanwhile, the recent growth is following a bullish pattern on the daily time frame. At the time of writing, DOGE is trading at $0.1286, up 5.53% in the last 24 hours.
Can DOGE Bulls Advance Another Rally?
The recent uptrend has helped buyers flip the $0.111 mark from resistance to support after an impressive 140% ROI from October 25 to November 1. Meanwhile, the $0.14 cap lifted the green candles streak.
Additionally, recent price action has taken a bullish flag over the past few weeks. Any break above the pattern can put the currency in an uptrend.
A sustained swing above the pattern could expose DOGE to the upside towards the $0.17 region in the near term. A break above the $0.14 ceiling could confirm bullish opportunities.
In general, the probability of pennant spreads increases when volume is trending higher. But in this case, the volumes were in a downtrend. Therefore, any immediate pullback may continue to find reasons for a credible recovery in the $0.111 region.
The Relative Strength Index (RSI) fell slightly from the overbought area but maintained its position above the 70 mark. Any reversal in the indicator could ease the buying pressure.
Increase in open interest next to price
Dog-themed cryptocurrency open interest over the past 24 hours across all exchanges has increased over 8.5%. In contrast, DOGE saw a price increase of more than 5% over a 24-hour period. This reading confirmed the bullish advantage in the futures market.
Finally, the dog-themed coin shares an 84% 30-day correlation with the King coin. Thus, watching the movement of Bitcoin would complement these technical factors.