Dogecoin Forms Pattern That Could Trigger 230% Rally To $0.42

The cryptocurrency market is witnessing another rebound. Dogecoin (DOGE) has rallied 4.2% in the daily charts, 9% in the weekly charts, over 22% in the last two weeks, and 3.5% over the previous month. DOGE’s price has also increased by over 62% since late July 2023.

Source: CoinGecko

Also Read: Dogecoin: When Will Elon Musk’s X Enable DOGE Payments?

The latest market surge is likely due to positive economic data in the US for Q2 2024. The American GDP grew 2.8% in the second quarter of this year, outshining expectations. The development has increased the probability of an interest rate cut from the Federal Reserve. Traders anticipate an interest rate cut from the central bank by September 2024.

Analyst predicts Dogecoin to rally 230%

Dogecoin
Source – StormGain

According to prominent cryptocurrency analyst Ali Martinez, DOGE is forming a descending triangle. Historically, this pattern has led to a 140% to 230% rally. Ali highlights that the rally is usually followed by a 56% to 60% retracement before entering a bull run. Rallying by 230% from current levels will take DOGE’s price to $0.42.

According to the researchers at CoinCodex, Dogecoin’s (DOGE) price will dip over the next few days. The platform predicts DOGE to slide to $0.11 by early August.

Also Read: Dogecoin To Surge 18,000% As It Claims A New Golden Cross In 4 Years

Changelly also paints a bearish picture for DOGE. The platform anticipates the memecoin to hit $0.10 on Aug. 5, 2024. According to Changelly’s Analysis, DOGE will hit a maximum price of $0.131 in 2024, which it may attain in October.

There is also a lot of talk about Dogecoin being accepted by X’s upcoming payment feature. The move could lead to a significant rise in the adoption of the memecoin, and consequently its price. Despite the rumors, there is no confirmation if X will enable DOGE payments for its upcoming platform.

  • Dogecoin

Comments

Post a Comment

Popular posts from this blog

DeFi CEO Says ‘No One Cares’ to Deutsche Bank Entry into BTC Custody

Deutsche Bank to offer bitcoin custody solution for institutional clients. Cake Group CEO believes the move will not substantially increase capital inflow or attract new participants. Deutsche Bank’s Paul Maley projects the digital asset sector to grow to trillions of dollars. Julian Hosp, the CEO of DeFi business Cake Group, has shared a skeptical reaction to Deutsche Bank’s newly-launched bitcoin custody services for institutional clients. Responding to a post on X (Twitter) by Bitcoin Magazine announcing the bank’s new services, Hosp wrote “Sadly, no one cares”. In full, his response read, And guess what… sadly no one cares… because everyone in Germany can already buy #bitcoin either with an ETF (that has literally ZERO volume) or on an exchange. All these banks entering the space, are not bringing in extra money or people. They are just re-routing existing… https://t.co/MMZHSbGB9U — Dr. Julian Hosp (@julianhosp) September 15, 2023 T...
Read more

MATIC Price Plunges, Have the Bulls Finally Lost Control?

Image
MATIC witnessed a decline in bullish momentum and has lost hold of the $0.74 psychological support. Buying pressure was weak as the CMF hovered around the zero line. Traders might likely short/sell MATIC in the near term since the 50 EMA crossed over the 20 EMA. Polygon (MATIC) brief dip below $0.78 has turned out to be an event that has lasted a whopping five days. Over the last 24 hours, the altcoin had lost 2.32% of its value. But its last 30 days’ performance was controlled by the bulls where MATIC increased by 6.61%. Currently, the MATIC/USD 4-Hour chart shows that the altcoin was hovering around a tight support zone at $0.71. Due to decreased demand, MATIC’s buying strength has been cut off. This indicates bearish dominance around $0.72. For MATIC to regain bullish momentum, the price must rise above the $0.74 psychological level. But if selling pressure outweighs demand, then the recovery attempt could be quenched. Furthermore, bears have ...
Read more

Crypto Analyst: PEPE Will Outperform DOGE in Next Bull Cycle

Image
Miles Deutscher predicts PEPE will outperform DOGE in the next bull cycle. Deutscher noted that fewer PEPE holders are underwater compared to DOGE holders. PEPE has more multiples to reach its previous all-time high (ATH) compared to DOGE. PEPE will outperform DOGE in the next bull cycle, predicts Miles Deutscher, a renowned cryptocurrency analyst. In a Twitter post, Deutscher highlighted the reasons behind his prediction. I think $PEPE outperforms $DOGE next cycle. Why? • The Underwater Thesis: Less PEPE holders underwater vs DOGE, meaning less sell pressure on the way up + lower multiples to reach previous ATH (2.8x vs 12x). • People are more fatigued with the DOGE meme, Pepe feels fresher… — Miles Deutscher (@milesdeutscher) June 23, 2023 Deutscher’s first reason for supporting PEPE to outperform DOGE in the next cycle is what he called “The Underwater Thesis.” He noted fewer PEPE holders are “underwater” compared to DOGE holders. By that, he me...
Read more