Despite the current sluggish phase in the cryptocurrency market, Dogecoin (DOGE) might be poised to trigger a broader recovery.
The meme coin has been forming a falling wedge pattern on its daily chart since March, with a potential breakout if it sustains a close above $0.10, which could drive it towards $0.15, according to crypto analyst Ali Martinez’s recent analysis.
Imagine if, after all this craziness, #Dogecoin is the one to break out and kick off the next leg up… 👀
Watch out for this falling wedge on the $DOGE daily chart — a sustained close above $0.10 could spark a bullish run to $0.15! pic.twitter.com/oGIeR3yHtF
— Ali (@ali_charts) September 9, 2024
Dogecoin, currently ranked eighth in market cap, has been showing a series of lower highs and lows, signaling a possible bullish breakout soon.
Meanwhile, Elon Musk’s recent social media post, featuring an AI-generated image and a playful reference to DOGE, had minimal impact on its price. Despite its viewership and engagement, the post did not prevent DOGE from dipping further.
Analyst Anbessa noted that while Musk’s influence on DOGE’s price was limited this time, the coin still holds significant growth potential. However, patience may be required before seeing substantial gains.
A cryptocurrency trader turned an $800 investment into $400,000 in just one week by trading the meme coin Moo Deng (MOODENG).
Ripple, a prominent fintech company known for its ongoing innovations and partnerships, has struggled to reflect its growth in the price of its cryptocurrency, XRP, over the past seven years.
Ethereum (ETH), the leading altcoin, has been underperforming compared to Bitcoin (BTC) since the start of 2024, disappointing many investors.
BNB Chain has announced a major update designed to enhance its stablecoin infrastructure by introducing gasless transactions.