Dogecoin (CRYPTO: DOGE) price surged 6% in the intraday session and saw a 70% rise in 24-hour spot volume, amounting to $3.34 billion, and a 67% derivatives volume, amounting to $7.85 billion.

This optimism in Dogecoin price was a result of Bitcoin (CRYPTO: BTC) price reaching a new all-time high at $111903, with rising optimism investors accumulated massively, as recent whale activity also showed by whale alerts that showed that $57.6 million worth 250 million DOGE tokens were transferred from Robinhood to an unknown wallet.

Many experts are anticipating a big rise in the Elon Musk favorite and eighth-biggest cryptocurrency by market cap, as its adoption is rising with merchant acceptance increasing, making it more than a meme now. The experts began voicing short-term targets to $0.31, with bullish formation. Keep reading to know more.

Is Dogecoin Price Geared For $0.31

The recent DOGE crypto run, influenced by BTC’s rise, has attracted many experts. Among them, widely followed cryptocurrency analyst and trader Ali Martinez spotted DOGE’s breakout from a bull pennant formation, suggesting a price target of $0.31.

He says, A bullish pennant is a continuation chart pattern that has developed on an hour time frame, indicating resumption of an uptrend after a pause or consolidation period.

#Dogecoin $DOGE appears to be breaking out of a bullish pennant, which suggests a target of $0.31!

Many chart patterns are subjective and can be interpreted differently. Always conduct your own technical analysis and never rely solely on the opinions of others. pic.્રીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીીી