Dogecoin (DOGE) advances toward the $1 price level while market sentiment stays positive after its recent price rebound. According to analysts ‘ predictions, the memecoin could reach this milestone if it remains above its vital support level. Dogecoin faces another price decline risk when the current position weakens.
BitGuru Highlights Key Levels for Dogecoin’s Rally
However, Dogecoin must hold on to this price above $0.1666 to drive higher and continue a bullish momentum. According to cryptocurrency analyst BitGuru, this level could hold, leading to a rally to the upside above $0.1850. Nevertheless, a fall below $0.1666 could allow a spill towards $0.1524, ending the rally.
Roughly, BitGuru predicts that Dogecoin has experienced a cup-style rebound, indicating bullish strength in breaking out in the future. It showed a recovery pattern with a general fall that led to progress. Dogecoin is now balancing around the important support area and may be ready to begin a surge.
This is an optimistic view for the analyst but an unveiled warning of caution, with volatility still present in Dogecoin’s short-term price action. Now, Dogecoin looks to be over 500 percent away from current levels to achieve the highly awaited $1 target. However, positive fundamentals coupled with recent price behavior have been inclined to keep bullish expectations in place.
Market Metrics Strengthen Bullish Sentiment for Dogecoin
Dogecoin’s on-chain metrics will continue to support a potential continuation of the upward trend. On the weekly chart, Dogecoin is up by 4% over the last 24 hours and more than 20% over the past week. Although the impressive gains, transaction volumes have declined some 14% to less than $1.5 billion.
The DOGE is attempting to nullify its 30-day 5.47% decline through the current good price movement and the positive sentiment of the investors. Dogecoin’s strong one-year gains are making it even more positive for the market, which are now consolidating. Nevertheless, some of the participants are still wary of reports about Elon Musk potentially pulling out of Dogecoin.
However, the DOGE Day celebrations were ultimately successful and gave fresh energy to the community and capital enthusiasm in general. Investors watch price fluctuations closely, as do other market factors. However, the market’s recovery and future price action depend on any significant change in sentiment.
Master Kenobi and Coinglass Data Support Bullish Outlook
If the mood continues, Dogecoin could reach $0.90 by the middle of June, according to Master Kenobi, a known cryptocurrency analyst. If Dogecoin pierces through a key trendline, he expects this surge to surface in the next 55 days. Such a breakout would reignite fresh buying pressure and support an ongoing rally.
However, Coinglass data says Dogecoin’s futures open interest increased over 5% intraday to $1.98 billion. With such a surge in open interest, one could infer that market participation is on the rise and that futures traders are becoming more confident. As such, it brings more bullishness for Dogecoin’s price in the short term.
