Dogecoin is once again seeing an upside following the Bitcoin recovery above $66,000, which, in turn, triggered a broader crypto market recovery. Crypto analyst Crypto Scient expects this bullishness to continue going forward and eventually lead to the start of another meme coin mania.
Dogecoin Set To Kickstart Meme Coin Mania
Presently, the Dogecoin price is not as bullish as expected since it continues to struggle to break out of $0.15. However, it has not eroded expectations for the meme coin as crypto analysts continue to predict that its price still has room to rally.
Crypto Scient is the latest in the long line of analysts who believe this, expecting the meme coin to flip bullish at some point. As he explains, once the Dogecoin price flips bullish, it’ll trigger the start of another meme coin mania as other meme coins start to move with it, similar to what was seen in February 2024.
The crypto analyst points to a break above $0.15 that could trigger another rally toward $0.2. Then, after this, he expects the meme coin to break and flip once again, but this time around, it is the $0.175 level. At this point, Crypto Scient expects a continuation signal for further upward rallies.
As for price targets, the top of the analyst’s target sits at $0.34. From the current level of around $0.155, it would mean an over 100% increase from here. However, even achieving this price point would still put it around 50% below its all-time high price of $0.7.
DOGE Metrics Flipping Bullish
Despite its price not performing as well as investors hoped, the steady rise in bullishness in Dogecoin metrics suggests that the meme coin could end up seeing a delayed rally. One of these metrics is the open interest.
Over the last 24 hours alone, the Dogecoin open interest has risen by over 10% to $869.54 million, according to data from Coinglass. This suggests a steady rise in interest in the altcoin among traders who are not open more positions on the meme coin. Historically, whenever open interest started rising, the DOGE price has followed as well.
Another metric that has seen a bullish reversal is the Dogecoin daily trading volume. CoinMarketCap’s data shows that DOGE’s daily trading volume has also seen an 11% increase during the last day, rising above $1.8 billion.
If these metrics hold and Dogecoin eventually flips bullish as Crypto Scient predicts, then a rally similar to what was seen in February could easily push it toward $0.4. However, for now, the meme coin continues to struggle at $0.154, indicating a small 3.24% increase in the last day.
Chart from Tradingview.com
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