As the crypto landscape continues to evolve, new altcoins have been gaining traction among investors and traders alike. However, amid all the hype surrounding these new shiny meme coins, it’s important not to overlook the significance of the OG meme coin Dogecoin.
Famous crypto analyst ALI on X, formerly Twitter, posted a Dogecoin price analysis and predicted that Dogecoin (DOGE) could potentially yield significant returns in the upcoming bull market.
Dogecoin Following Similar Pattern Like 2018-21
Renowned crypto trader Ali posted a series of tweets about Dogecoin on X. The tweets highlighted the future prediction for the DOGE and predicted that DOGE would get substantial traction in the upcoming bull rally.
I feel my fellow degens have been distracted with the new shiny #memecoins, but #Dogecoin remains the most important #altcoin in this sector.
— Ali (@ali_charts) March 31, 2024
From a technical perspective, #DOGE seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive… pic.twitter.com/WGREwsxPcb
Ali stated in the tweet that from a technical standpoint, DOGE is following a pattern similar to its 2018-2021 trajectory, which could potentially lead to a massive parabolic bull run in the near future.
In the tweet, Ali said Dogecoin is displaying its classic pattern again! Currently, $DOGE is consolidating after breaking out from a descending triangle. Considering past trends, we could potentially witness DOGE soar toward $1 in the upcoming weeks!
If this analysis by Ali manifests then Dogecoin investors might grasp the outstanding returns of more than 2600% in the upcoming months.
Whales Are Also Hinting Towards Something Big In Dogecoin
As per the tweet of the on-chain transaction tracking platform, Whale Alert an unknown DOGE whale has accumulated 150 million DOGE ($21.28 million) and 76.31 million DOGE ($10.76 million) in two transactions from Robinhood.
76,316,694 #DOGE (10,766,331 USD) transferred from #Robinhood to unknown wallethttps://t.co/rLvvUUv46T
— Whale Alert (@whale_alert) April 29, 2024
These transactions have sparked market interest, indicating growing attention towards meme coins, and usually, the market gets boosted by these kinds of transactions spreading positivity.
The meme coin sector has gained notable traction lately, as evidenced by the surge in their prices, not only in leading meme coins like Dogecoin and Shiba Inu but also new players in town like MEW, BOME, WIF, and others.
Decoding The Analyst Dogecoin Prediction on Technical Chart
Looking back at 2018 to 2021, when Dogecoin was at its initial stage and supported by multiple influencers including Elon Musk Snoop Dogg, Gene Simmons, Mark Cuban, and more.
At that time the coin remained a hot topic of discussion and pop culture made DOGE a part of itself. The community spreads the slogan “DOGE to The Moon” showcased an outstanding spike in the price.
The hype and discussions, spiked the social volume and social dominance of the coin which impacted the price in an extra ordinary way and made 2021 a historical year for doge investors.
However, at press time the social volumes and social dominance was not at its peak, and needs a catalyst for price spike.
At press time, the DOGE price traded at $0.131 with an intraday gain of 0.93%. The market capitalization is 19.01 billion which is up by 6% in the past 24 hours. The 24-hour trading volume is $1.79 billion and the fully diluted market cap is $18.91 billion. Based on the performance, the DOGE crypto price has lost 36.10% in a month but has gained 66.33% over the year.
On a weekly time frame, the DOGE chart structure formed a descending triangle pattern and triggered a breakout. After the breakout, the price retested the key moving average and surged by around 150% in a month.
In the first week of April, the bullish trend was interrupted near the $0.200 hurdle and witnessed selling pressure as the current cryptocurrency market is bearish. Suppose the price bounces back and overcomes the last swing high, it may repeat the history of buying momentum.
As per the chart history, it is repeating the same as it did in 2020. At that time, the DOGE crypto price was pumped by approximately 15000% in 4 months.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
