The Dogecoin price recorded one of the most notable recoveries over the weekend, rising by more than 15% to reach the $0.3 target once again. The meme coin has since hit a roadblock with the market correction and continues to decline with the anticipation of the Fed rate cuts coming later in the week. But this has not eroded the bullish sentiment that continues to surround the meme coin and has, in fact, brought about more expectations that the Dogecoin price will soon cross $1.
Dogecoin Price Eyes Next Surge To Reach $3.5
Back in 2021, Dogecoin ushered in a new age of cryptocurrency with its meme coin run, allowing room for others like Shiba Inu to shine. After rallying over 30,000% in a matter of months, it has managed to plant the seed in the minds of investors that it can stage a similar rally. While not expecting another 5-digit surge, crypto analyst Zonix has suggested that the Dogecoin price will at least see a 4-digit surge this cycle.
This prediction is based on the fact that the Dogecoin price was about to complete its breakout over the weekend with momentum. It had moved towards a previous pullback level at $0.3, suggesting that this will be the level to break for bulls to confirm a continuation.
Given this, the analysts explain that the “funneling” might be over for the Dogecoin price. This is based on Dogecoin reaching a third reaction high (RH3) with the recent uptrend. If indeed the funneling is over, then the Dogecoin price could be primed to continue its upward trajectory.
There is also the possibility that a “primer” for the next surge could be forming at this level. If this is the case, then the crypto analyst says it is possible that the price could be headed for $3.5. From the current price level, it would mean an over 1,200% increase before the rally is over.
Volume Surge Could Support Further Upside
The recent Dogecoin price uptrend was propelled forward by a surge in volume over the weekend, as shown by Coinglass data. The meme coin had recorded its highest daily volume so far for the month of September after rising to $19.66 billion on Sunday, September 14. This shows that momentum remains on the side of the bulls.
At the same time, there was also a notable surge in the open interest, hitting a brand new all-time high above $6 billion. All of these go to show that Dogecoin is getting a lot of attention from crypto investors, something that could propel it to higher highs if the market conditions remain favorable.
