Dogecoin (DOGE) Price Poised for a 10x Spike

If it manages to break this level, it could trigger a rally of up to $2, which would mean a 10-fold increase.

Jakarta, Pintu News – The price of Dogecoin (DOGE) had risen another 4% to reach $0.205 by 07:00 AM ET (11:00 GMT). Meanwhile, its market capitalization also surged to hit $30 billion.

Moreover, daily trading volume also soared by more than 32% to cross the $2 billion mark. This indicated strong bullish sentiment among traders.

Data from Coinglass showed that the total open interest for DOGE futures also rose by 4% to break through the $2 billion mark. Meanwhile, liquidations in the last 24 hours surged to $13.82 million.

Popular crypto analyst, CryptoELITES, noted the formation of a cup-and-handle chart pattern on the price movement of DOGE. He predicts that the price of DOGE is completing the “cup” pattern and has the potential to print an increase of up to 10 times from its current position.

Some traders even predict that DOGE’s rally could continue until it hits $8, especially if the meme coin manages to break the three-month trend line.

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Additionally, crypto analyst Ali Martinez highlighted a potential bullish phase for Dogecoin (DOGE) based on the SuperTrend indicator.

According to Martinez, the popular meme coin could enter a significant uptrend if it manages to break the crucial resistance level at $0.21.

The SuperTrend indicator is usually used to identify trend reversals and potential breakout points.

Therefore, if Dogecoin is able to cross the important $0.21 threshold, it could signal a new momentum from investors to push the DOGE price higher.

Elon Musk parodies a scene from Disney’s “The Lion King” with an illustration of popular Ghibli-style anime characters. But instead of holding up a lion cub, the character in the illustration is holding up a Shiba Inu dog – the mascot of the Dogecoin cryptocurrency.

The animation style in the image is reminiscent of the work of Studio Ghibli. The recent skyrocketing popularity of Ghibli anime, coupled with Elon Musk’s involvement in the trend with DOGE, could be an additional trigger for the price increase of this meme coin.