Dogecoin (DOGE) Skyrockets 12% in Friday's Trading Session, Sparking Bullish Predictions from Crypto Analysts

Dogecoin DOGE/USD is skyrocketing in Friday's trading session, with its 12% price increase sparking bullish predictions from crypto analysts.

Dogecoin (CRYPTO: DOGE) is skyrocketing in Friday’s trading session, sparking bullish predictions from crypto analysts. The apex meme coin outperformed its biggest rivals, leading the meme coin market as Bitcoin powered back above $98,000.

Trader Notes: A glance at DOGE's price chart reveals a strong bullish momentum, targeting an initial price target of $0.6533, marking a 75% increase from current levels. Should DOGE Surpass this level of resistance, the trader predicts the rally could extend to $1.20 or higher, representing a potential 234% gain.

Another trader suggests that DOGE has hit a local bottom, signalling potential new highs. "Dogecoin hit a local bottom, expecting new highs soon."

Moreover, a technical analyst highlighted the strength of DOGE on the DOGE/BTC chart, emphasizing technical validations such as a successful retest of the macro golden pocket, strong demand support, and sustained positioning above the 100 EMA and 200 EMA on daily candles. The analyst urges followers to monitor these data points closely as momentum builds for further gains.

Beautiful call on the #DOGE vs #BTC chart. The signs were all there. We successfully back tested macro golden pocket with demand coming in and also 200 ema while never losing the 100 ema on daily candles. Naturally we were going to head higher. Now the key is to continue… https://t.co/3RPcP7XDkH pic.twitter.com/0I1M0Cjzoa

A chart analyst also highlighted whale activity, revealing that over 1.08 billion DOGE were purchased in the past 24 hours. This spike in large transactions sparks curiosity about potential upcoming price momentum.

Whales bought over 1.08 billion #Dogecoin $DOGE in the last 24 hours! pic.twitter.com/Ow2j6I1MDV

According to Coinglass, Dogecoin open interest surged by 20.7%, now amounting to $2.7 billion. Derivatives trading volume also expanded by 27.1%, reflecting heightened market activity.

On the other hand, DOGE short liquidations dropped to $10 million, marking the lowest level since Dec. 21.