Dogecoin Is Surging Early Thursday—Will A Move To $0.31 Come Sooner Than You Think?

Dogecoin DOGE/USD maintained healthy momentum Thursday morning, following Bitcoin’s BTC/USD record-breaking rally, which bolstered the entire cryptocurrency market.

What happened: The dog-themed token sailed to an intraday high of $0.2433 late Wednesday night before experiencing a minor pullback. DOGE's trading volume popped 55% to over $3 billion, making it one of the most traded cryptocurrencies in the last 24 hours.

Widely followed cryptocurrency analyst and trader Ali Martinez spotted DOGE's breakout from a bull pennant formation, suggesting a price target of $0.31.

A bullish pennant is a continuation chart pattern, indicating resumption of an uptrend after a pause or consolidation period.

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The token's derivatives market exploded, with Open Interest in DOGE futures and options rising 58% to $3 billion in the last 24 hours, according to Coinglass. More than 71% of all Binance traders with open DOGE positions bet on the meme coin’s price increase.

Moving averages, both exponential and simple, flashed “Buy” signals for DOGE as of this writing, according to TradingView. The Moving Average Convergence Divergence momentum indicator, which compares two exponential moving averages of price, also painted a bullish outlook.

That said, the Bull Bear Power indicator, which measures the strength of buyers and sellers, was "Neutral" as of this writing.

Price Action: At the time of writing, DOGE was exchanging hands at $0.2422, up 6.96% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has lost nearly 23% of its value.

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