Will Dogecoin Price Follow Its Long-Term Uptrend and Rally to $1 Soon?

Dogecoin (DOGE) price historical trend continues to draw attention. Analysts monitored a repeated motif that might lead to a strong surge to the $1 area.

The most recent formations have indicated a structure similar to past bullish cycles. Technical and derivatives data have passed early tests of market positioning toward moving higher.

Dogecoin Price Weekly Chart Forms Repetitive Pattern

When analyzing Dogecoin price weekly chart, analyst Trader Tardigrade noted a consistent system of small and large rises.

Each cycle started with a small pump, followed by a sharp rise that pushed the meme coin to a new level.

Notably, the past trends show a breakout to $0.22 in early 2024 and a further rise to 0.45 later in the year.

Both of these moves occurred after a shorter-term up wave and were accompanied by a rising trendline.

Similarly, the latest DOGE price action once more registers on this trendline, forming a base formation that resembles those seen previously.

The chart had a similar pattern of pullbacks and rallies, where lesser consolidations are followed by a parabolic move.

Additionally, this consistency may be forming the technical foundation for another expansion phase. Trader Tardigrade suggested that if this pattern continues to hold, Dogecoin price may be entering a setup that aligns with the previous rise-to-breakout sequences. Consequently, this is pointing toward the $1 region as a potential target.

DOGE Price Monthly Chart Reinforces Long-Term Uptrend

More so, Dogecoin price bullish long-term structure was further backed by the monthly chart. In a separate analysis, Trader Tardigrade observed that there were obvious breakouts following extended downtrends with three distinct historical cycles.

Notably, every cycle started with a severe correction and sharp recovery and maintained the upward momentum.

Major reversal areas, marked by asterisks on the chart, become the beginning of new bullish periods, which develop over several months.

Moreover, the present monthly configuration seems to be repeating the two previous cycles, where DOGE price is currently in a corrective period.

An upward momentum is starting to regain with a green trendline following higher lows. Besides, this pattern of reversing from major lows into longer rallies has occurred consistently since 2015.

As the latest bounce coincided with the same formation, the meme coin could be setting up another multi-month surge, following the past trend..

Dogecoin Derivatives Data

Meanwhile, the latest Dogecoin derivatives data from CoinGlass showed a bullish continuation, particularly in the options sector. DOGE options volume rose by 184.15%, and options open interest was up by 64.75%.

Furthermore, this rise was connected with the increase in speculative trading, which means that traders are getting ready for the possible price shift.

Meanwhile, the total trading volume decreased by 17.95%  to $3.91 billion, and the open interest went down to $2.06 billion. It is a proposal for leverage reduction or cooling in the futures activity.

Similarly, the long/short ratios on the largest exchanges, which include Binance and OKX, indicated that traders remain biased towards longs.

On OKX, the long/short ratio was 3.64, and ratios on Binance top traders are also skewed long, at over 3.0. In the last day, liquidations totaled $12.74 million, with $12.13 million of that being longs and $606K shorts.

Meanwhile, recent analysis noted that Dogecoin price could be starting “Cycle 3” of its historical trend. A chart indicated a persistent pattern of consolidation and then sharp rallies.

In that case, DOGE price may aim at $10 in the long run. Green indicators reflected earlier breakouts, indicating a possibility of a new bullish cycle.

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