- Despite recent turbulence, DOGE holds a 24% gain for the month, signaling bullishness.
- DOGE futures surged to $14.58 million on August 4, its highest level since early June.
- Analyst MetzyXRP points to a strong technical foundation, predicting a $1.00 DOGE price.
Dogecoin (DOGE) is wagging its tail again after weeks of sluggish performance, as the meme-inspired cryptocurrency climbs back to the $0.20 mark. This modest recovery—up nearly 9% from recent lows—comes after DOGE found firm footing at the $0.18–$0.19 support zone, a level closely watched by traders eyeing a possible trend reversal.
Although it is too early to declare it a full-blown comeback, the recent price action has raised new hopes. Despite recent turbulence, DOGE still boasts an impressive 24% gain on the monthly chart, signaling that bullish sentiment remains alive on the broader timeframe.
DOGE Futures Spike 24% on Coinbase
A major catalyst behind Dogecoin’s renewed momentum lies in the futures market—specifically, a dramatic surge in open interest on Coinbase. According to Coinglass data, DOGE futures open interest on Coinbase surged to $14.58 million on August 4, hitting its highest level since early June.
This sudden surge represents a 24% rise in one day, and, more importantly, a new inflow of money pumping into the meme coin derivatives market. After weeks of fading momentum and declining market interest, this dramatic shift sets Dogecoin apart from its meme token peers.
The uptick suggests a renewed appetite among traders—especially U.S.-based participants—who are betting that DOGE’s latest bounce could have more room to run. An important twist is that the balance of liquidation has suddenly shifted in favor of long positions, a setup that has not been seen since July 29.
Traders are stepping back into the arenas with purpose; whether they are attuning their moves to a new uptrend or struggling with the more courageous task of recovering recent losses is not clear.
Whether it’s a calculated move to ride a new uptrend or a bold attempt to recover recent losses, traders are re-entering the DOGE arena with purpose.
DOGE Finds Support, Eyes Trend Reversal
On the technical front, Dogecoin is flashing some promising signs of a potential turnaround. Following weeks of drifting lower, the token has managed to create a double bottom at the $0.18-$0.19 area, which is a typical reversal pattern that will tend to mark the end of a decline. This level has now been demonstrated to be a good support base, with buyers starting to fight back.
Further contributing to the bullish set-up is the formation of a bullish harami candlestick pattern, another popular indicator that suggests a bearish trend is running out of steam. Traders tend to view this pattern as an early entry indicator, particularly when it appears around powerful support areas, as it has done here.
Source: TradingView
Importantly, DOGE still lingers in the discount zone, a price area often considered undervalued relative to its recent highs. To opportunistic investors, this implies that the present price activity may present a more attractive risk-reward structure as the market anticipates a possible trend reversal.
Momentum indicators are also in line with the bullish argument. The Relative Strength Index (RSI) is turning upward from neutral territory, suggesting there’s still room for DOGE to run before hitting overbought levels. Keeping in view, the MACD histogram also shows signs of weakening bearish momentum as the height of its red bars diminishes, which could be taken as one of the first signals of bullish momentum emerging.
Is $1 on the Horizon for DOGE?
As DOGE gains momentum, the market regains its optimism, with analysts starting to see a potential rally on the horizon. Among the most optimistic forecasts is that of analyst MetzyXRP, suggesting DOGE might soar to $1.00. As of press time, the meme coin is trading at 0.20 and would require a 384.73% increase to attain $1.
This forecast emanates from a rather detailed technical analysis pointing towards a robust bottoming pattern on the DOGE chart. Historically, such an arrangement signaled the end of a bearish trend and the onset of a new bullish cycle.
Source: X
MetzyXRP contends that the very area of solid support around $0.10 has held through bearish markets, forming a very reliable basis for price action on this coin. Forming well above the $0.20 level, DOGE is testing another price dynamic, called the neck of a reversal pattern.
If Dogecoin can sustain its current momentum, it may be primed for a significant surge, potentially breaking through its 2021 all-time high of $0.73 and setting its sights on the coveted $1.00 mark. Meanwhile, another analyst, TATrader_Alan, is equally bullish on DOGE’s prospects.
Source: X
Alan identifies an ascending broadening wedge pattern forming on DOGE’s weekly chart—another indicator of a strong bullish trend. The analyst sets the price target to $1.40, implying a 190% jump from DOGE’s most recent high of $0.48.
Should the bullish rally indeed prove to be true, DOGE could enjoy huge growth within months or years ahead. With a strengthening chart, rising investor interest, and technical indicators pointing to further upside, it’s clear that Dogecoin’s journey may be far from over.
Conclusion
Dogecoin (DOGE) is showing strong potential for a comeback, as positive technical indicators and solid support levels spark renewed optimism. After recent turbulence, DOGE is positioning itself for a possible breakout, with analysts forecasting a surge toward the $1.00 mark.
This recovery is backed by rising investor interest and a shift in market sentiment, suggesting that Dogecoin could be on the verge of a bullish rally. While uncertainties remain, the outlook is decidedly optimistic, with many seeing DOGE poised for substantial gains in the future.
