Dogecoin is showing strong bullish momentum, with a 7% increase in the past 24 hours and a 14% rise in the past three days. The cryptocurrency is currently approaching a resistance level of $0.16, and a breakout could trigger a significant price surge. Crypto analyst World Of Charts predicts a potential 100% increase to a price target of $0.27 to $0.30.

A key metric driving this bullish outlook is the surge in Dogecoin's open interest across crypto exchanges, which has spiked by 12.47% in the past 24 hours to reach $883.89 million. Additionally, derivatives volume and trading volume have also seen significant increases, indicating growing investor interest.

According to World Of Charts' analysis, Dogecoin is on the verge of breaking out of a descending triangle, a strong bullish indicator. This pattern typically indicates corrections before a trend continues, and a successful breakout could push Dogecoin towards $0.27 to $0.30 for the first time since October 2021.

While Dogecoin experienced a 182% price increase in February and March, it has yet to break into $0.27 this year. However, with its current momentum and key metrics soaring, the cryptocurrency could continue its surge for the rest of the month. The first step is to break above the resistance around $0.167, and if bulls hold this price level, it could continue climbing to $0.22 and beyond.