Dogecoin Eyes a Parabolic Rally-Is $1 the Next Target?

Dogecoin’s price action is forming a parabolic curve pattern, hinting at an exponential uptrend rally.

Dogecoin is catching the market’s attention as analysts spot a historical pattern that precedes the meme-coin’s bull rally and exponential gains. Following a price consolidation for months, DOGE is forming a parabolic technical pattern on the charts once again.

DOGE’s parabolic pattern formation includes a gradual accumulation phase with higher lows, from base 1 to base 4. As time progresses, the parabolic curve becomes steeper, alluding to the previous cycle. As of today, DOGE appears to consolidate between base 3 and base 4.

According to analyst CryptosRus on X(formerly Twitter):

“Dogecoin price has surpassed the third stage in a parabolic curve, a shape often seen before prices spike sharply”

What’s next for DOGE?

As the meme-coin approaches base 4, the market could be witnessing signs of a breakout that could spark its bullish momentum. As of press time, DOGE’s open interest has surged 0.64% per Coinglass data despite a low trading volume in the past 24 hours. Similarly, the past week has seen Dogecoin’s Open interest (OI)- Weighted Funding Rate flip to the positive side amid this historical set-tup.

Dogecoin’s Price is steadly recovering indicating that buyers could be entering positions as the memecoin faces renewed market interest. With the price flactuating around $0.1923 and having breached the $0.187 resistance, DOGE is yearning for a liquidity grab to begin its rally. With strong buying pressure, the memcoin could be targeting pyschological $1 in the next few weeks.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.