Is Dogecoin on a long-term rise trend and will it soon reach the level of 1 USD?

The historical price trend of Dogecoin (DOGE) continues to draw attention. Analysts have been following a repeating pattern that could lead to a rise to the sky towards the 1 dollar region. The most recent formations have indicated a structure similar to previous bull market cycles. Technical and derivative data have passed initial tests of market positioning towards rising higher. The weekly Dogecoin price chart is forming a repeating pattern. When analyzing the weekly price chart of Dogecoin, analyst Trader Tardigrade noted a consistent system of small and large rises. Each cycle begins with a small pump, followed by a rise to the sky that pushes the meme coin to a new height.

Notably, previous trends indicate a breakout to $0.22 at the beginning of 2024, rising further to $0.45 by the end of the year. Both movements occur after a short-term bullish wave and are accompanied by an upward trend line. Similarly, the latest price movement of DOGE has once again been recorded on this trend line, forming a base pattern similar to those seen before. The chart has a similar retracement and bullish pattern, where smaller consolidations are followed by a parabolic move. In addition, this consistency may be forming the technical foundation for another expansion phase. Trader Tardigrade believes that if this pattern continues to hold, the price of Dogecoin could be entering a setup consistent with previous rise-breakout chains. Therefore, this is targeting the $1 area as a potential goal. The monthly DOGE price chart reinforces the long-term upward trend. Moreover, the long-term bullish structure of Dogecoin is further supported by the monthly chart. In a separate analysis, Trader Tardigrade noted a clear breakout after prolonged downtrends with three distinct historical cycles.

Notably, each cycle begins with a strong correction and a strong recovery, then maintains an upward trend. The main reversal areas, marked with asterisks on the chart, become the beginning of a new bullish phase, developing over several months. Moreover, the current monthly configuration seems to be repeating the previous two cycles, in which the price of DOGE is currently in a correction phase. The rising momentum is beginning to regain with the green trend line after the higher lows. Additionally, the reversal pattern from significant lows to these longer bullish waves has been continuously occurring since 2015. Because the latest price increase coincides with the same formation, this meme coin could create another prolonged price rise lasting several months, according to previous trends. Dogecoin derivative data Meanwhile, the latest Dogecoin derivatives data from CoinGlass shows a continued price rise, especially in the options sector. The DOGE options volume increased by 184.15% and the open interest in options rose by 64.75%.

Moreover, this increase is related to the rise in speculative trading, which means that traders are preparing for potential price changes. Meanwhile, the total trading volume decreased by 17.95% to $3.91 billion, and the open interest fell to $2.06 billion. This is a proposal to reduce leverage or cool down in future activities. Similarly, the long/short ratio on the largest exchanges, including Binance and OKX, shows that traders still lean towards long positions. On OKX, the long/short ratio is 3.64 and the ratio among top traders on Binance is also skewed towards long, at over 3.0. Over the past day, the total liquidation amount is 12.74 million dollars, of which 12.13 million dollars is long and 606 thousand dollars is short. Meanwhile, recent analysis notes that the price of Dogecoin may be starting "Cycle 3" of its historical trend. A chart shows a continuous consolidation pattern followed by strong price rises. In that case, the price of DOGE could aim for the level of 10 dollars in the long term. The green indicators reflect previous breakthroughs, indicating the potential for a new bullish cycle.