- Dogecoin’s funding rate remains positive, signaling continued bullish sentiment.
- Trader Tardigrade forecasts a major $DOGE breakout following the cycle bottom.
- Dogecoin records 17% growth in a week, boosting its market cap to $27 billion.
Dogecoin is dancing to its old tune again. After sliding to a low of $0.1325 earlier this month, the meme favorite is already staging a strong comeback, crossing the $0.18 mark. If past patterns are any guide, this recovery could be the prelude to another powerful rally, setting the crypto community abuzz once more. Such momentum comes as Dogecoin records a 17% rise over the past week, lifting its market capitalization to around $27 billion.
Chart Shows Dogecoin Near Major Breakout Zone
Market analyst Trader Tardigrade predicts Dogecoin (DOGE) could soon see a massive bull run. According to the analyst, the meme coin has bottomed out its cycle, repeating moves during previous major waves.
Per Tardigrade’s shared chart, Dogecoin shows three key ‘Round Bottom’ formations, followed by price appreciations. In past instances, the token exploded substantially after breaking towards similar rounded bottoms in 2017 and 2021. The current pattern mirrors these historical setups, which at this point suggests a potential bullish breakout.
The chart shows that Dogecoin’s price went from around $0.0004 to above $0.018 after the 2017 cycle bottom and from around $0.0024 to over $0.74 during the 2021 breakout. Per the analyst’s projection, the newly formed round bottom places Dogecoin’s key structural support near the $0.12 to $0.17 range.
Trader Tardigrade emphasized that this positioning is consistent with historical price movements that have historically led to explosive price action. The analyst firmly believes that a strong uptrend is coming with this recurring structure and that Dogecoin could have another major rally in this cycle, based on this recurring structure.
Dogecoin Funding Rate Stays Positive as Bulls Dominate
Market participants have shown growing confidence as Dogecoin (DOGE) OI-weighted funding rates have remained positive. With Dogecoin trading around $0.18 at press time, the token’s OI-weighted funding rate reads 0.0042%.
This places the token firmly in the green zone, indicating long position holders are willing to pay a premium to short sellers to keep their positions open. Since mid-March, Dogecoin’s funding rate has consistently stayed above the neutral line, indicating that bullish sentiment dominates the derivatives market.
The frequent positive funding suggests that traders expect prices to trend higher and are willing to incur additional costs to maintain their long exposure. Besides, in the past two months of historical observation, Dogecoin experienced some brief drops into negative territory, but overall, its funding has been supported by bullish positioning. This is a testament to the sustained market confidence in the asset’s potential green-zone upward movement.
