In the past 24 hours, Doge Coin (DOGE) has surged by approximately 3.5% and crossed the crucial support level of $0.165; a move that could signal the start of a strong rally and even a threefold increase. The increase in whale purchases and the growth of derivatives market indicators also indicate strengthening bullish trend of this meme coin. Following a 70% correction, Doge Coin is now forming a classic pattern called ‘Descending Triangle,’ usually considered a bullish sign. Additionally, the Relative Strength Index (RSI) on the daily chart shows a bullish divergence, indicating a potential decrease in selling pressure. Analysts are now waiting for the downtrend line of this pattern to break, as its occurrence could increase the likelihood of a market sentiment shift. In that case, Doge Coin’s next price targets could be $0.35 and $0.50. Amidst this, the reclamation of the $0.16 level reinforces this outlook, with some analysts even mentioning a price increase to $5. According to Ali Martinez’s report, whales have purchased around 1.83 billion DOGE coins worth approximately $640.5 million in the past two days. This is while retail investors still show a growing inclination towards new meme coins. On the other hand, interest in Doge Coin derivatives market has increased, and according to Coinglass data, the profit index of Doge Coin futures contracts has reached $1.50 billion with a 5.62% growth. Furthermore, on April 9th, 21Shares announced collaboration with House of Doge to launch a Doge Coin investment fund, potentially increasing institutional and retail investors’ access to this cryptocurrency. You can track the live prices of all tokens and cryptocurrencies on the ‘Real-Time Digital Currency Price’ page.
