Dogecoin Price Forecast: Analysts Eye Major DOGE Breakout as Golden Cross Emerges

Dogecoin (DOGE) price has created a golden cross on the one-day chart, with the move coinciding with a jump in open interest (OI) to $1.52 billion.

Analysts are also anticipating the beginning of another bullish leg despite reduced demand for DOGE ETFs.

Dogecoin price trades at $0.094 today, October 6, after dropping by 2% in 24 hours.

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Analysts Forecast a Major Dogecoin Price Breakout

In a recent X post, analyst Ali Martinez noted that DOGE price is headed for a breakout after consolidating within a descending triangle.

Per the analyst, if Dogecoin can close above the obstacle at $0.095, it could confirm a bullish breakout that could stir gains to $0.106.

Another analyst dubbed Sweeped on X also observed the same descending triangle on Dogecoin’s four-hour chart, noting the top meme coin could become one of the earliest altcoins to “pump” in Q4 2026.

Analyst TMA also observes that Dogecoin is repeating a 2024 bull fractal that could precede an over five times gain.

“$DOGE is moving up from a multi-year support zone and has broken above a multi-year downtrend line. DOGE pumped more than 500% from this level in 2024,” the analyst said.

The bullish future Dogecoin outlook by the analysts comes as the crypto “fear and greed index remains in “greed” territory even as Bitcoin price eyes the resistance at $85,000.

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Open Interest Spikes Amid Reduced ETF Demand

Data from CoinGlass shows that Dogecoin’s OI reading has increased slightly by 0.55% to $1.52 billion. The open interest is now at its highest since September 28, despite the price of Dogecoin dropping by 2%.

The high OI coincides with a decline in the long/short reading to 0.89, suggesting that short accounts are outpacing the long accounts.

The increased demand for short positions also comes as demand for Dogecoin ETFs wanes. As CoinGape reported earlier, Dogecoin ETFs recently reached record weekly inflows in the week ending September 25.

However, since then, the demand has weakened, with the ETF recording inflows of only $327,000 last week, and zero inflows so far this week, per SoSoValue data.

Dogecoin Price Prediction as Golden Cross Emerges

Dogecoin price has formed a golden cross on the one-day chart after the 50-day SMA moved above the 200-day SMA.

The golden cross usually signals a shift in sentiment from bearish to bullish. However, the last time that Dogecoin created a golden cross in August 2025, the price did not surge right away. Instead, the price dropped and later surged by 42% one month after the crossover appeared.

The RSI reading of 55 shows the momentum remains bullish despite today’s dip.

Still, Dogecoin price needs to close above the resistance at $0.097 to confirm a move towards the September high of $0.105.

A surge in selling pressure could push Dogecoin price to the support at $0.092. If Dogecoin fails to hold that support, it could move to the 50-day SMA of $0.088.