Dogecoin soared more than 10% on October 16th, with the price reaching $0.1266 and volume soaring 90%. Analyst Ali Martinez predicts that Dogecoin could soon reach $10, citing the rise in the wedge pattern since 2017. Elon Musk’s endorsement of DOGE, calling it the “people’s cryptocurrency,” led to a 50% spike in its price and increased its profile.
Dogecoin, the meme-inspired cryptocurrency, experienced an incredible surge on October 16, with its price soaring 10.78%. This significant increase follows a consistent growth pattern, with weekly and monthly increases reaching 14.80% and 26.57%, respectively. According to data from CoinMаrkеtCap, DOGE is currently trading at $0.1266 and its trading volume has seen a significant increase of 90% in the past 24 hours.
Source: CoinMarketCap
This significant increase in the price of Dogecoin is being driven by the trading activity of this cryptocurrency. Combined numbers from CoinMarketCap and CoinGlass show DOGE’s spot and feature market size reaches $5.5 billion.
Amidst this impressive DOGE rally, analysts like Ali Martinez bet on further gains that would soon see Dogecoin reach the $10 mark. In an Oct. 16 Twitter post, Ali Martinez challenged DOGE critics by pointing to an ascending wedge pattern that indicates a possible reversal from an uptrend.
“To anyone who says $10 #Dogecoin $DOGE is impossible, show this chart!” said Ali Martinez.
Source: @ali_charts
Ali Martinex showed a chart of an ascending wedge pattern that started in 2017 and has always followed an upward trend till date. The chart shows two major support levels for 2021 and 2024 at prices of 0.00300 and 0.0700 respectively. Analysts expressed optimism among critics for DOGE to rise further from its last support level, with the stock price rising to $24 as a long-term forecast.
Dogecoin challenges major altcoins with mask support
Dogecoin is said to be a Musk cryptocurrency that is promoted daily by the most influential person, Elon Musk. After Musk declared DOGE his favorite cryptocurrency on social media, the price of DOGE increased by more than 50% after the approval.
In February 2024, Musk declared DOGE to be the “people’s cryptocurrency.” Immediately after Muk’s endorsement, DOGE soared 50% within hours. Created as a joke, the coin is now challenging the top-tier altcoins in the cryptocurrency market due to its significant user base and enough support from Mr. Musk.
Source: TradingView
Apart from its past surge, DOGE ranks #9 as a top meme coin, according to CoinGecko data. Dogecoin has outperformed prominent meme coins such as Shiba Inu, Bonk, and Dogeifhat. Despite the recent surge in meme coins, the market capitalization of the meme market reached 59.8 billion, down 1.1% in the past 24 hours.
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