Dogecoin Price Rises 4% Amid Bullish Sentiment on Binance Futures
Dogecoin (DOGE) has increased by 4% in the past 24 hours, recovering from a support level of $0.16. Analysts suggest this may indicate the start of a parabolic rally due to strong bullish sentiment in the futures market.
Key Developments
- The DOGE Bollinger Bands are narrowing, signaling a potential major price move.
- Dogecoin has traded in the $0.16-$0.18 range; a breakout above could lead to gains of $0.30 or more.
- 76.26% of traders on Binance Futures hold bullish positions on DOGE.
Market Predictions
- Analysts predict possible 12x gains for DOGE, targeting a price of $2.28.
- Dogecoin is forming an ascending triangle with higher highs and higher lows, indicating a trend reversal.
- Some analysts expect a rally exceeding 1,160%, potentially surpassing $2.28.
- Optimism remains regarding a DOGE ETF, with ongoing regulatory improvements.