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Sujit Kumar
Oct 7, 2024
by Sujit Kumar

Dogecoin Price on the Verge of Major Breakout, Analyst Predicts

Dogecoin Price on the Verge

Table of contents

  1. Is a 200% Rally on the Horizon?
    1. Market Competition and Challenges Ahead
Dogecoin (DOGE) has been stagnant for a while, but its next big move could be imminent. According to market analyst Ali Martinez, the cryptocurrency may be repeating a familiar pattern. Historically, Dogecoin breaks out of a multi-year descending triangle, often leading to a 200% price rally. Following this, a retracement of around 60% typically occurs before a major bull run.

Is a 200% Rally on the Horizon?

Dogecoin recently completed the second phase of this pattern, with a 65% retracement, indicating the potential for a new bull rally. Martinez’s analysis points to three similar occurrences since 2015, making a case for history repeating itself. If this trend holds, Dogecoin could see a 200% surge in the midterm, pushing its price to $0.2236—a level not seen since December 2021.

As of now, Dogecoin has seen a 2.55% increase in price over the past 24 hours, currently sitting at $0.1118. However, while these historical patterns are promising, broader market conditions may impact the coin’s trajectory.

Market Competition and Challenges Ahead

Despite the historical trend, the crypto market as a whole is in consolidation rather than breakout mode. Additionally, the meme coin space is becoming increasingly competitive, with new players like Sui gaining traction and challenging the dominance of Dogecoin, Shiba Inu (SHIB), and other meme-based tokens.

Though Dogecoin lacks the robust ecosystem that some competitors have, its close association with Elon Musk could give it the promotional push it needs to rally soon.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Dogecoin Price on the Verge
Dogecoin Price on the Verge of Major Breakout, Analyst Predicts
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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