Dogecoin Next Bullish Move: Analyst Predicts Breakout Potential

Dogecoin ecosystem upgrades, including GigaWallet and LibDogecoin, are advancing, lowering barriers to business adoption.
Dogecoin’s falling wedge pattern may signal a bullish breakout, according to an on-chain analyst.

Dogecoin has made headlines once more, with many analysts viewing this meme coin as a potential catalyst for the next large rally in the cryptocurrency market.

Ali Martinez, a well-known on-chain analyst, shared his ideas on Twitter, saying that Dogecoin could be the catalyst for the next bullish run.

Martinez identified a technical pattern on Dogecoin’s daily chart and speculated that it could be the catalyst for the next leg higher. He said, “Watch out for this falling wedge on the DOGE daily chart; a sustained closing above $0.10, could spark a bullish run to $0.15!”

This insight has created more excitement among traders and enthusiasts, heightening the likelihood of a breakout.

Imagine if, after all this craziness, #Dogecoin is the one to break out and kick off the next leg up… 👀

Watch out for this falling wedge on the $DOGE daily chart — a sustained close above $0.10 could spark a bullish run to $0.15! pic.twitter.com/oGIeR3yHtF

— Ali (@ali_charts) September 9, 2024

Growing Interest in Dogecoin Futures Market

Coinglass data confirms the bullish outlook, indicating that the Dogecoin futures market is experiencing increased demand. Currently, Dogecoin’s Futures Open Interest (OI) is $465.45 million, with an OI-Weighted Funding Rate of 0.0037%.

These numbers indicate that traders are increasingly speculating on a large move in the DOGE price. As of this writing, DOGE is trading around $0.1025, up 1.93% over the last 24 hours. The market cap has risen to over $14.94 billion, cementing its status as one among the top 10 cryptocurrencies by market cap.

This new upward rise comes on the heels of a significant 6% price increase two days ago. As we previously reported, the increase was mostly spurred by a tweet involving Dogecoin and Elon Musk, which revived market optimism.

Musk’s influence on Dogecoin’s price has been well documented, and this recent development confirms the significant association between Musk’s social media engagement and Dogecoin price action. Furthermore, there are fundamental causes at work that could lead to Dogecoin’s further rise.

Dogecoin’s environment has undergone significant changes, which could explain its current strength. The project’s optimistic outlook is a result of these ecosystem improvements, as CNF previously noted. Furthermore, the Dogecoin Foundation has made tremendous progress toward advancing its Trailmap activities.

These include significant projects such as GigaWallet and LibDogecoin, which aim to lessen the entry barriers for enterprises interested in adopting Dogecoin.

According to recent reports, the foundation has completed all of the first phase and 90% of the second phase of its development program. These milestones are critical in increasing the usability and scalability of Dogecoin, making it a more appealing option for businesses and developers alike.