Dogecoin Surges 21% In 7 Days: Why Is DOGE Going Up?
Dogecoin Surges 21% In 7 Days: Why Is DOGE Going Up?Dogecoin's DOGE/USD is up 5% on Thursday and 21% over the past seven days as increased market enthusiasm has analysts speculating about whether the “king of memes” can kickstart another rally. CryptocurrencyPrice Market Cap24-Hour Trend7-Day TrendDogecoin DOGE/USD $0.3891$57.3 billion +5.3% +21.4%Shiba Inu SHIB/USD $0.00002241$13.2 billion +2.2% +5.2%Pepe PEPE/USD $0.00001845$7.7 billion +1.9% +6.9%Trader Notes: Crypto chart analyst Ali Martinez on X drew parallels between Dogecoin’s current price action and its last bull cycle. In 2021, DOGE began its second major rally on January 25 after a 56% price correction. Similarly, the meme coin recently underwent a 46% correction, which could set the stage for another upward move in the coming week if history repeats itself. In the last bull cycle, #Dogecoin $DOGE started its second leg up during the week of January 25, 2021, following a 56% price correction. Over the past few weeks, #DOGE has experienced a 46% correction. If history repeats, the next leg up could kick off as soon as next week! pic.twitter.com/aewTFfJvig— Ali (@ali_charts) January 16, 2025Rose Premium Signals, another trading analyst, identified a double-bottom pattern on the DOGE chart, signaling a possible bullish reversal. They forecast a breakout with initial targets at $0.56261 and $0.63998, aligning with a classic recovery structure. Technical analust Kevin noted DOGE is attempting to break out of a falling wedge pattern. If successful, the next key resistance level will be $0.4155. Statistics: Coinglass data shows open interest spiked around 4% to $4.7 billion, its all-time highest level. Liquidations in the past 24 hours stood at $13.9 million with long liquidations of $6.6 million. Community News: Binance recently announced an expansion of its financial services platform, integrating Dogecoin, Litecoin and ChatGPT into its Fixed Rate Loan system. Traders can now use DOGE as collateral. Read Next: Dogecoin Up 10%, Shiba Inu Rises 6%: What’s Driving The Surge? Image: Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.