DOGE price is up 6% today, and several technical and onchain metrics suggest that Dogecoin could soon tag new all-time highs.
Dogecoin DOGE $ 0.4377 price has risen over 6% in the last 24 hours to $0.4382, aligning with the recovery across the broader cryptocurrency market, which rose by around 3.6% in the same period to rest at $3.69 trillion.
Data from TradingView shows that DOGE has been in choppy price action since Nov. 12, ranging between $0.35 and $0.45.
Let’s closer look at the factors driving DOGE price up today.
DOGE price rises alongside Bitcoin, Ethereum
The bullish sentiment was not exclusive to Dogecoin as many cryptocurrencies also rallied across the board, buoyed by Bitcoin’s rise above $100,000 for the first time in history.
Bitcoin BTC$101,765, the largest cryptocurrency by market capitalization, led the gains and has jumped 6.5% over the last days to set a new all-time high of $103,900 on Dec. 5, including 52% gains since Nov. 5. Ether ETH$3,895.46 has rallied more than 5.62% over the last 24 hours to trade above $3,917.
Dogecoin was the only other top-cap crypto posting significant daily gains alongside Bitcoin and Ether.
Similarly, the total crypto market cap has increased by 3.7% over the last 24 hours to $3.69 trillion at the time of publication.
The gains follow expectations of a more crypto-friendly regulatory environment under Trump’s administration. Trump’s recent nomination of crypto advocate Paul Atkins to replace Gary Gensler as the Securities and Exchange Commission’s (SEC) chair appears to have added to the hindwings.
This move is expected to remove several regulatory hurdles that have hamstrung the broader crypto industry under the Biden administration and Gensler’s leadership at the SEC.
Trump also picked hedge fund manager Scott Bessent and Cantor Fitzgerald CEO Howard Lutnik to head the Secretary of Treasury and Commerce departments, respectively, shaping up what could be the United States’ most pro-crypto cabinet to date.
DOGE sees a spike in funding rates
A jump in open interest-weighted funding rate precedes DOGE’s bullish price action on Dec. 5. The chart below shows that DOGE’s 8-hour OI-weighted funding rate increased to 0.098% on Dec. 5.
This suggests a high appetite for long positions as DOGE price gained around 4.5% over the last 24 hours.
Meanwhile, its open interest (OI) remains at record highs, increasing by 17% over the last 24 hours to $4 billion.
The increase in funding rates and OI suggests that more capital is entering the Dogecoin market, adding a more positive market outlook for DOGE price.
DOGE’s uptrend remains intact
DOGE’s price action between Nov. 12 and Dec. 5 has recorded a series of higher highs and higher lows on the daily chart. This has led to the formation of an ascending parallel channel chart pattern, as shown below.
An ascending channel is a chart pattern formed from two upward trend lines drawn above and below a price representing resistance and support levels. As long as the price rises inside the channel, it remains bullish.
The chart below shows DOGE price sitting on support provided by the middle boundary of the channel at $0.44. If bulls hold above this level, they are likely to push the price toward the upper boundary of the rising channel at $0.47.
Higher than that, the next logical target would be the psychological level at $0.50. Such a move would bring the total gains to 13% from the current level.
Last month, a bullish cross formed on Nov. 18 when the 100-day simple moving average (SMA) crossed above the 200-day SMA and saw the DOGE price make a decisive move toward multi-year highs at $0.48.
This bullish signal is still in play, suggesting that the upside may not be over for DOGE.
Independent analyst Trader Tardigrade shared a bullish setup for Dogecoin in the four-hour timeframe, with the upside short-term target set at $0.55.
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