Dogecoin (DOGE) price is up 7% today and trades at $0.1810. Technical analysis hints at a potential recovery rally that could propel DOGE to reclaim $0.20. Nearly 70% of Binance traders are in long positions, expecting the meme token to climb higher.
Bouncing from the 7-day low at $0.1643, Dogecoin now marks a short-term breakout rally, hinting at $0.20 reclamation. Backing the uptrend, Binance traders are extremely bullish on DOGE, driving the open interest to $1.81 billion. Will this growing confidence of traders and breakout rally help Dogecoin price surpass $0.20?
Dogecoin Price Rally Targets $0.20
Dogecoin (DOGE) bounced from the 7-day low at $0.1643 and is up 11.36%, resulting in a breakout from the falling wedge setup. DOGE formed two lower highs and three lower lows over the past two weeks. Connecting the swing points using trend lines reveals a falling wedge pattern.
After producing a decisive four-hour candlestick close above the wedge’s upper trendline, Dogecoin price has confirmed a breakout. The 12% target of $0.2061 is obtained by measuring the distance between the first swing high and swing low and adding it to the breakout point of $0.1774.
Adding credence to this bullish breakout is the three consecutive green candles on the 4-hour price. Moreover, DOGE’s recent rally has pushed it above the 50 and 200 Exponential Moving Averages (EMAs), limiting the “death cross” chances on a lower time frame.
Investors need to pay attention to the 78.60% Fibonacci level at $0.1860, which could interrupt Dogecoin’s price from reaching the falling wedge forecast of $0.2061. However, the Chaikin Money Flow (CMF) Index has flipped positive, indicating a pause in DOGE’s ascent is unlikely.
Based on the Fibonacci levels, DOGE’s bull run could reach $0.2042 if it surpasses the $0.1860 level. Hence, the Dogecoin price prediction reveals a strong 12% growth potential for the meme coin. Conversely, the support levels for the biggest meme coin are at $0.1729 and $0.1642.
Binance Traders Go Long
Dogecoin Open Interest jumps 7.19% to hit $1.81 billion as derivatives traders’ interest surges. Joining the bullish caravan, 67.84% of Binance accounts are long on DOGE. Overall, the long positions in the market have surged to 62.94% over the last hour.
Dogecoin Open Positions
Amid rising optimism, the shakeout of bears accounts for $3.71 million in short liquidations. At present, the funding rates have jumped to 0.0051%, reflecting a strong hopium spree in DOGE.
Dogecoin Team Announces Second Hackathon Event in Portugal
With DOGE price skyrocketing, the Dogecoin team has recently announced its second (almost annual) hackathon. DOGEATHON venues in Portugal this year and is between July 22 and 24. The attendance fee for the event is 269 DOGE, almost $50.
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