Dogecoin Eyes $1 as Futures Surge and ETF Hype Kicks In—Because Meme Magic Never Dies

Dogecoin’s latest rally isn’t just meme-fueled hopium—futures open interest just hit a 3-month high, and whispers of a DOGE ETF are getting louder. Cue the institutional FOMO.

Key drivers: 1) Binance’s new DOGE perpetual contracts saw $200M inflows in 48 hours, 2) BlackRock’s crypto chief ’accidentally’ liked a tweet about meme coin ETFs (wink), and 3) retail traders are piling back in like it’s 2021.

Reality check: The same Wall Street suits who mocked DOGE now want to package it as a ’digital asset product.’ How quaint.

Dogecoin price technical analysis 

The three-day chart shows that Dogecoin has gradually formed a large accumulation cylinder since October 2023. This structure is made up of two ascending and diverging trendlines, also known as a rising wedge or megaphone pattern. 

The accumulation cylinder follows seven key points, which are illustrated in the chart above. A bullish breakout typically occurs at the seventh point in this formation.

If the pattern holds, DOGE could rally toward the psychological level of $1. To do so, it must first break above the sixth level at $0.4877 and then surpass its all-time high of $0.7517 to confirm the bullish outlook.

One caveat to this Dogecoin price prediction is that it’s based on a three-day chart, suggesting that a 325% rally to $1 may take several months, or even over a year, to play out. For example, the move from point 6 to 7 took more than five months to complete.