Dogecoin Poised for a Bullish Return, Targeting $0.47 to $1.70

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Key Takeaways

• Dogecoin shows a strong bullish breakout with targets set at $0.47, $1.05, and potentially $1.70.
• An analyst highlights leverage strategy and signals higher profits as DOGE builds momentum beyond key resistance levels.

Dogecoin has once again become the center of attention after analyst Master Ananda highlighted a small consolidation pattern emerging on the chart.

According to Ananda, the pattern is similar to the previous SEIUSDT movement and is a strong signal that DOGE is ready to resume its bullish trend. In fact, the appearance of a full green candle confirms the ongoing positive momentum.

At the time of writing, Dogecoin is trading at about $0.2319, up 6.97% in the last 24 hours and 9.88% in the last 7 days. This increase further reinforces the view that the world’s first memecoin still has the potential to rise further.

DOGE Eyes $0.47 First, but $1.70 Stays on the Horizon

In his analysis, Ananda stated that DOGE’s initial target is $0.47. This level is considered relatively easy to achieve because it has the potential to yield profits of around 100%.

Source: MasterAnanda on TradingView

However, he emphasized that Dogecoin’s rise will not stop there. Furthermore, he noted that in the previous trading plan, the final target was set at $1.05, with the possibility of a further rise to $1.70. According to him, this price range is not a fantasy, but a realistic potential if the current trend continues.

Regarding trading strategies, Ananda shared his leverage scheme for DOGEUSDT. In his initial position, he used 8X leverage, while in the most recent one, he lowered it to 6X. He explained that when the price is still near support, the risk is lower, allowing for higher leverage. Conversely, when the price is higher, leverage needs to be reduced to mitigate the risk of entering at a less-than-ideal price.

Speculative Activity in Dogecoin Surges Across Derivatives Trading

Meanwhile, derivatives data from CoinGlass also showed a significant surge in the Dogecoin market. Trading volume rose 143.21% to $5.06 billion. Open interest also rose 16.74% to $3.89 billion.

Source: CoinGlass

Even more surprising, options volume surged 666.95% to $2.31k, while options open interest skyrocketed 312.68% to reach $2.38 million. These spikes indicate increasing speculative activity in the DOGE market, fueling enthusiasm for those who believe in the potential for another rally.

Furthermore, Dogecoin’s momentum is also evident outside the derivatives market. In early September, the CNF reported that Google Trends showed interest in the memecoin was starting to creep back up. Dogecoin became a hot topic in various posts and community interactions. This phenomenon wasn’t just euphoria, but a sign that DOGE was once again attracting interest from retail and active traders, who had been sidelined for the past few months.