• Dogecoin 'Gearing Up For Next Big Rally': This Is The Price Traders Are Targeting

    Source: Buzz FX / 07 Oct 2024 09:45:15   America/Chicago


    Dogecoin (CRYPTO: DOGE) may be gearing up for a breakout soon, defying its recent underperformance against rival meme coins.





    What Happened: Crypto chart analyst Ali Martinez pointed out how Dogecoin may be repeating history with its "breakout from a multi-year descending triangle, 200% surge, 60% retracement—then a bull run."





    He predicts that Dogecoin could be "gearing up for the next big rally."











    Crypto Daily Trade Signals forecasts a Dogecoin breakout to $0.14 “very soon,” while crypto trader Kevin highlighted that if the meme coin holds on to the current chart pattern, it will be an "analyst’s dream." He sees a "beautiful macro falling wedge with a bullish backtest in play," suggesting bullish performance for DOGE.





    In another tweet, Kevin pointed out that Dogecoin is 151 days behind the usual four-year cycle “schedule.” The average amount of days it has taken for a parabolic is 1,095 days. In the current cycle, DOGE is still trending down after 1,246 days.





    Also Read: Dogecoin Down 2% And Technical Analysis Says It Could Get Much Worse





    Why It Matters: IntoTheBlock data shows large transaction volume increased by 7% and daily active addresses grew by 5.8%. Transactions greater than $100,000 are up from 115 to 122 in a single day. Exchanges netflows are down by 2.4%.





    IntoTheBlock highlighted around 2.07 billion DOGE is accumulated by large Dogecoin holders in the past week, the highest level since January 2024.





    Price Action: In the past 24 hours, DOGE is trading 1.2% higher. Over the past 30-day period, Dogecoin has accumulated around 17%.





    What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.  





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    Image: Shutterstock


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