Dogecoin DOGE/USD may be poised for a breakout soon, ignoring recent underperformance against rival meme coins.
What Happened: Crypto Chart Analyst Ali Martinez says Dogecoin has repeated its history of “a breakout from a multi-year descending triangle, a 200% surge, a 60% retracement, and a bull run.” He pointed out that there is a possibility that
He predicts that Dogecoin could be “gearing up for the next big rally.”
History often repeats itself, #Dogecoin Maybe that’s exactly what he’s doing.
Common pattern: breakout from a multi-year descending triangle, 200% spike, 60% retracement, and bull market.
After a recent drop of 65%, $Doge You might be getting ready for the next big rally! pic.twitter.com/c93A4Fec7V
— Ali (@ali_charts) October 6, 2024
Crypto Daily Trade Signals expects Dogecoin to breakout to $0.14 “soon,” but crypto trader Kevin predicts that if the memecoin maintains its current chart pattern, “analysts He emphasized that it will be a dream of the future. He sees a “beautiful macro downward wedge with bullish backtesting,” suggesting a bullish performance for DOGE.
In another tweet, Kevin pointed out that Dogecoin is 151 days behind its normal four-year “schedule.” The average number of parabolic days is 1,095 days. In the current cycle, DOGE is still trending lower after 1,246 days.
Also read: Dogecoin falls 2%, technical analysis says it could be worse
Why it matters: According to IntoTheBlock data, large transaction volume increased by 7% and daily active addresses increased by 5.8%. Transactions over $100,000 increased from 115 to 122 in one day. Exchange net flows fell by 2.4%.
IntoTheBlock highlighted that approximately 2.07 billion DOGE has been accumulated by large Dogecoin holders in the past week, which is the highest level since January 2024.
Price Trend: Over the past 24 hours, DOGE is trading up 1.2%. Over the past 30 days, Dogecoin has accumulated approximately 17%.
What’s next: The impact of meme coins will be thoroughly explored at Benzinga’s Future of Digital Assets event on November 19th.
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