Dogecoin Price to Rally Over 30% if Bullish Flag Broken: Analyst

Dogecoin (DOGE) has been on an upward trend since its price rallied over 33% last week. Analyst Ali Martinez believes this momentum could continue, with DOGE potentially breaking above its bullish flag in the 1-hour timeframe. This would indicate a continuation of the existing upward trend and set the stage for a rally towards $0.115.

Martinez points to the support level established around $0.081, which is backed by 30 billion DOGE traded near that price according to Glassnode's UTXO Realized Price Distribution (URPD). This metric shows where investors acquired their coins and provides a snapshot of market activity.

The bullish sentiment for Dogecoin is also bolstered by its predominantly positive Funding Rate, which has remained positive since July 24. This is according to metrics from CoinGlass, and historically, a positive Funding Rate has been associated with bullish sentiment.