Dogecoin (DOGE) Price Targets $0.4155 as Meme Coins Make a Comeback

On the brink of a new bull run, Dogecoin is targeting a trendline breakout for a 25% rally to $0.4155.

As the crypto market anticipates a bull run in 2025, meme coins are experiencing a resurgence. Following a brief visit to the $87 billion level, the market cap of meme coins has now reached $93.24 billion.

Of this total, Dogecoin's market cap currently stands at $48.91 billion, with the coin trading at $0.3312. This price point marks a crucial juncture for Dogecoin, as it faces a potential breakout opportunity.

Traders Keep an Eye on Dogecoin Open Interest as It Nears $4BWith the potential for a breakout on the horizon, traders are closely monitoring the open interest for Dogecoin. Over the past 24 hours, Dogecoin's open interest has seen a slight increase of 0.29%, reaching $3.98 billion.

Indicating a greater number of bearish positions, the long-to-short ratio currently sits at 0.95. However, with a funding rate of 0.0076%, traders appear to be maintaining long positions, expressing confidence in the potential upside.

As Dogecoin Faces Breakout Point, Bulls Target $0.4155In a potential recovery, Dogecoin is encountering a local resistance trendline. Additionally, around the $0.33 level, Dogecoin faces pressure from the 38.20% Fibonacci level.

Pointing to a potential breakout, the underlying support is increasing as Dogecoin bounces off the 23.60% Fibonacci level, which is situated around the $0.30 psychological level. Notably, the 24-hour trading volumes for Dogecoin show no significant change, remaining at $1.94 billion.

Moreover, as the accumulation/distribution indicator rises to $17.59 billion, it signals increased buying activity. Despite largely remaining flat, the indicator shows a rise from $16.9 billion during a January 13 pullback, which saw Dogecoin briefly drop to $0.30.

DOGE Price TargetsHighlighted by a significant surge in accumulation, the underlying support for Dogecoin is growing substantially. As a result, a four-hour closing above the local resistance trendline is likely to propel Dogecoin toward a crucial resistance at the 78.60% Fibonacci level.

Importantly, the crucial resistance aligns with the $0.4155 price, indicating an upside potential of 25% for DOGE. On the other hand, the $0.30 psychological level serves as the critical support.

DisCLaimer: This content is solely informational and does not constitute financial advice. The vast majority of cryptocurrency traders lose money. The合物 included in this article may be biased and should not be relied upon fully. Always conduct your research before making financial commitments.