The coveted $1 DOGE valuation is inching closer, with a 44% surge on the monthly bolstering the near-term Dogecoin price prediction.
DOGE is now testing the upper boundary of a two-week consolidation range between $0.20 and $0.25. Clear of this hurdle, DOGE could have a claim to the “best crypto to buy” conversation.
While still far from the post-inauguration rally’s $5.4 billion peak, DOGE is currently maintaining open interest at February levels at $2.7 billion according to CoinGlass Data.
Dogecoin open interest. Source: CoinGlass.With recent FUD easing, the door has opened to bullishness.
Traders appear to be positioning for a continuation, with the Binance long-to-short ratio of 2.23—69% of traders have bet on price increases.
Dogecoin Price Analysis: Is DOGE Ready to Hit $1?
This renewed bullish sentiment could fuel a breakout from Dogecoin’s current consolidation zone—and potentially end the broader descending channel that’s shaped its multi-month downtrend.
DOGE / USDT 1-week chart, pending descending channel breakout. Source: TradingView / Binance.Momentum indicators further support this outlook. The MACD has formed a golden cross, surpassing the signal line, typically a strong indicator of a longer-term trend reversal on higher time frames.
More so, the RSI is holding firm above the neutral 50 mark at 53, suggesting sustained buying interest is outweighing any short-term profit-taking.
If momentum persists, a breakout could drive the DOGE price toward $0.45—an 87% potential gain from current levels.
From there, a more substantial catalyst will likely be needed to drive the next Dogecoin price wave, such as the June 15 decision deadline on a US spot DOGE ETF.
Traders should watch for a confirmed breakout above $0.25 to avoid a false signal, while the 50-day SMA at $0.195 stands as the next major support level if a correction unfolds.
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The post Dogecoin Price Prediction: After a 44% Rally, Is DOGE Winding Up for a Move to $1? appeared first on Cryptonews.
