As October approaches, traders have high expectations for the cryptocurrency market. Although we have not yet fully responded to them, we cannot deny their current potential. The same can be said for major meme coins. In fact, Dogecoin is currently facing a new trend that could lead to an incredible 200% spike in DOGE.
Cryptocurrencies have not shown much movement in recent months. This lack of activity has the market anxiously waiting to see when the tide will turn for this asset. Now, one prominent crypto analyst is hopeful that his patience will soon pay off. He also pointed out that the current outbreak could be unprecedented.
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Also read: Ripple (XRP) and Dogecoin (Doge) price prediction for mid-October 2024
DOGE skyrocketing? A 200% increase could be waiting for you
The cryptocurrency market has always been led by its most prominent creations. Bitcoin. The token often steered the ship and acted as a rising tide that lifted all the tokens up. In the memecoin space, Dogecoin has taken its place. But so far in 2024, it certainly hasn’t done enough to inspire belief in that fact.
Major meme tokens are quite volatile. According to CoinMarketCap, it has gained over 18% in the past 30 days. However, it has fallen by around 6% over the past seven days and is currently trading at the $0.112 level. However, one expert points out that the asset could undergo monumental development and start to rise.
Also read: Dogecoin whale buys over 1 billion Doge, price jumps 6%
Cryptocurrency analyst Ali Martinez discussed Dogecoin on X (formerly Twitter) and how new trends could see DOGE soar 200%. Specifically, Martinez observed a possible breakout from a “multi-year descending triangle,” which he said would result in huge gains for the token.
Martinez said the asset experiences “a 200% surge, a 60% retracement, and a bull market.” Furthermore, he noted that with the recent 65% drop, the token could be “priming itself for the next big rally.” This is a huge deal for DOGE investors. That could be the beginning of the massive increase that will characterize 2024.
