Dogecoin (DOGE) Fractal Looks Similar to Q3 2024, Might Be Eyeing a Bullish Run: Market Analyst

As Dogecoin (DOGE) continues to enjoy a year-to-date increase of 220.9%, the top meme coin is not showing any signs of relenting.

Dogecoin (DOGE) is displaying no indicators of slowing down, with the top meme coin continuing a trend that began in 2024.

This is evident as whales recently took the opportunity created by the recent dip to amass 750 million DOGE.

With Dogecoin continuously mirroring its 2024’s third quarter trend, the eighth-largest cryptocurrency might be eyeing a bullish run in the next one to two months.

Highlighting this observation, market analyst Cas Abbe noted:

“DOGE fractal looks very similar to Q3 2024. A big crash followed by a few weeks of consolidation. After that, DOGE went on a parabolic rally and pumped 300% in just 4-6 weeks. I think this time it won’t be any different.”

Dogecoin’s Open Interest Shows Bullish Trend

Data from Coinglass reveals that Dogecoin’s open interest has been uptrending, with a recent 8.32% increase bringing it to $2.47 billion.

This paints a bullish picture, as a surge in open interest depicts the flow of new money into the market, making it a positive sentiment indicator since a trend continuation is expected.

Amid heightened whale accumulation, trading analysis Chandler Bing recently gave an optimistic Dogecoin outlook, suggesting that the apex meme coin was eyeing a 7x increase based on its previous bull runs relative to Ethereum (ETH) and Bitcoin (BTC).

At the time of writing, Dogecoin’s price was hovering around the $0.25 zone with the meme coin showing efforts of reclaiming the psychological threshold of $0.30.