Dogecoin Price Flashes 2024 Bullish Signal Again: Can DOGE Surge to $0.50?

Dogecoin price is flashing a bullish signal similar to the one seen in 2024, which could lead to a significant rally. If history repeats itself, could DOGE soar to $0.50?

2024 Bullish Signal Reappears for Dogecoin

Currently priced at $0.18, with a 4% increase over the past 24 hours, Dogecoin would need to gain over 170% to reach $0.50. Analysts believe this rally is possible, pointing to the same bullish signal from 2024 that triggered a remarkable 280% surge for DOGE. According to analyst Kamran Asghar on X, Dogecoin has formed a bullish divergence, where the price has dropped while the RSI (Relative Strength Index) has risen. This pattern often indicates that selling pressure is weakening and that buying interest could soon take control, pushing the price higher.

In the past, this type of divergence led to significant rallies, and Asghar believes the price could surge to $0.50 if the same pattern plays out again.

Analysts Are Bullish on Dogecoin’s Future Price Action

Another analyst, Dynamite Trader on X, supports this optimistic outlook, suggesting that Dogecoin is gearing up for a bull run. The analyst has highlighted multiple bullish divergences on the daily price chart, especially when the 1-day moving average (MA) crosses above the 1-week MA. Historically, whenever this pattern has occurred, a price rally followed. With this pattern reappearing, the analyst suggests DOGE could rise to as high as $0.90.

These technical indicators point to the possibility of Dogecoin leading a broader market recovery and even reaching new all-time highs in the coming months.

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Open Interest and Market Sentiment Support Bullish Outlook

Dogecoin’s open interest has recently surpassed $2 billion for the first time in nearly a month, according to data from Coinglass. Despite the recent price retracement, the open interest has continued to rise gradually, further supporting the bullish sentiment surrounding DOGE. Additionally, Dogecoin’s increasing funding rate indicates that long traders are willing to pay a higher fee to maintain their positions, signaling confidence in the token’s future prospects.

With a solid technical outlook and bullish data from the derivatives market, many believe Dogecoin is poised for a rally. If history repeats the events of 2024, the $0.50 target is attainable in the near term.

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