Dogecoin

Rally

2024

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">The Dogecoin (DOGE) price has remained in limbo for a while, but the stalemate might be counting down the days until its next major breakout.&nbsp;<a href="https://x.com/ali_charts/status/1842985818430062993" rel="noopener noreferrer nofollow">According</a> to market analyst Ali Martinez, Dogecoin’s history might be about to play out again.</p>
<h2 id="what-is-dogecoin-up-to">What is Dogecoin up to?</h2>
<p dir="ltr">The digital currency showcases a familiar pattern: a breakout from its multi-year descending triangle. Whenever this pattern emerges, it is accompanied by at least a 200% price rally. Afterward, a 60% retracement is recorded before a massive bull rally is recorded.</p>
<p dir="ltr">Dogecoin has just completed the second leg of this trend, after which it recorded a 65% retracement. Ideally, a bull rally is expected. However, the coin may settle for at least a 200% rally in the midterm.</p>
<p dir="ltr">Per Martinez's chart, this trend dates back to 2015, with three rounds recorded since then. Although past performance does not necessarily imply future results, many trends in the DOGE life cycle, including&nbsp;<a href="https://u.today/dogecoin-whales-waking-up-with-1-billion-doge-buy-up" rel="noopener noreferrer nofollow">whale adoption</a>, are often similar.</p>
<blockquote>
 <p lang="en" dir="ltr">History often repeats itself, and <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Dogecoin</a> might be doing just that.A familiar pattern: breakout from a multi-year descending triangle, 200% surge, 60% retracement—then a bull run. After a recent 65% pullback, <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DOGE</a> could be gearing up for the next big rally! <a href="https://t.co/c93A4Fec7V" rel="noopener noreferrer nofollow">pic.twitter.com/c93A4Fec7V</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1842985818430062993?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 6, 2024</a>
</blockquote>
<p dir="ltr">As of this writing, the coin's price has increased 2.55% in 24 hours and is pegged at $0.1118. A 200% increase will push the price to $0.2236, a level that has not been seen since at least mid-December 2021.</p>
<h2 id="not-linear-ride">Not linear ride</h2>
<p dir="ltr">Despite clear historical formation, Dogecoin may have a different linear rally than projected. This is because the broader crypto market is in a consolidation mode and not in a breakout phase.</p>
<p dir="ltr">Notably, the meme coin ecosystem is seeing a notable shift from the dominant alternatives, DOGE and&nbsp;<a href="https://u.today/shiba-inu-shib-burn-rate-surges-544-as-price-breaks-major-resistance" rel="noopener noreferrer nofollow">Shiba Inu</a> (SHIB). New networks like Sui are turning out more promising options, which might compete with DOGE, SHIB, PEPE and WIF in the long term.</p>
<p dir="ltr">Dogecoin is also a meme coin without strong internal ecosystem fundamentals that may help print a solo ride. However, the&nbsp;<a href="https://u.today/elon-musk-stuns-dogecoin-community-with-epic-doge-post" rel="noopener noreferrer nofollow">Elon Musk association</a> presents a mild assurance that DOGE may secure the promo it needs to rally soon.</p>

Dogecoin (DOGE) May Rally 200% If This Trend Plays Out

Table of Contents

U_Today

Other articles published on Oct 7, 2024

World’s Largest Bitcoin Mine Under Construction in Texas, Sparking Local Concerns

SHIB, DOGE, DOGEN Price Prediction: Bollinger Bands Unveil Epic Scenario

Metaplanet Acquires Additional 108.78 BTC, Bringing Total Holdings to 639.503 BTC

Institutional investors are flocking to Bitcoin ETF !

Analysts Predict Potential Growth for Altcoins and TAO & ENA Coins

Could DOGEN Skyrocket to $5 Before Shiba Inu Hits $1? Shibarium and Burn Mechanism Fuel Bullish S...

Join our free newsletter for daily crypto updates!