news 
Dogecoin Recovery Post Israel-Iran Ceasefire Could Take DOGE Price to $1: Analyst
Following the recent ceasefire between Israel and Iran, Dogecoin (DOGE) has seen a significant 6.27% surge in value, reaching $0.1643 as of June 24. This unexpected rebound is attributed to the broader crypto market recovery driven by the diplomatic breakthrough between the two nations.
Analysts believe that the current market conditions may be ripe for Dogecoin’s next major rally, with some forecasting a price increase that could propel DOGE to a staggering $1 per coin.
In order to validate this prediction, however, it is crucial that DOGE sustains its recent gains above the 50-day simple moving average, currently at $0.167. If the cryptocurrency manages to maintain this resistance-turned-support, it may confirm an early trend reversal and pave the way for further upside momentum.
It’s worth noting that Dogecoin has been experiencing a remarkable recovery in sentiment metrics, as reflected by its weekly RSI (Relative Strength Index) having bounced from a multimonth low of 38.31 to 42.56. This rebound parallels past pre-rally phases, including the events leading up to DOGE’s explosive gain in early 2021.
The significant decline in Dogecoin’s total open interest – down an astonishing 78% from its peak of $3.2 billion in late 2024 – suggests that excessive leverage and risk-taking have been cleared out, leaving room for a more sustainable rally to emerge.
In the past, DOGE’s price has often been driven by overheated funding rates and rapidly increasing open interest. However, current market conditions reveal a stark contrast as the funding rate remains near-neutral at 0.006%, indicating that aggressive long positions are not fueling this latest upswing.
Given these factors, it seems likely that any potential upside will be more stable if supported by genuine buying pressure.
Source: coinchapter.com
