- The memecoin mania might be on the horizon following this weeks gain as at press time.
- Dogecoin set to replicate past success after break out in lower timeframes.
As a seasoned investor with a decade of experience in the volatile world of cryptocurrencies, I can confidently say that this week’s memecoin rally has piqued my interest. The impressive gains by top memecoins and Pepe’s dominance over Shiba Inu and Dogecoin are noteworthy indicators.
As a seasoned crypto investor, I have witnessed many ups and downs over the years, but this week has been particularly exciting for memecoins. With my hard-earned savings invested in these quirky digital assets, I’ve seen the top seven memecoins deliver impressive gains. This surge in performance reminds me of the early days of Bitcoin, when a single investment could potentially lead to life-changing returns. Despite the volatile nature of this market, I find myself optimistic and eagerly awaiting further growth from these unique digital tokens.
Pepe cryptocurrency surpassed both Shiba Inu and Dogecoin, with its trading volume exceeding theirs when added together.
In a recent surge, Dogwifhat (WIF) and Floki Inu (FLOKI) soared with impressive gains of 41% and 39%, respectively, whereas Dogecoin (DOGE) saw a more modest increase of 11%. This has led some to ponder: Is it possible for DOGE to surpass and maintain its price above $0.12?
Range breakout
On the four-hour chart, Dogecoin (DOGE) has managed to break free from a tight price band following a strong pull towards lower liquidity levels that coincide with its recent lows. Currently, its trajectory indicates an upward trend.
With the wider cryptocurrency sector anticipating a possible surge by the end of Q4 2024, Dogecoin (DOGE) has been hinting at additional growth signals.
On smaller time scales, it appears that Dogecoin may burst through to higher levels as well, which strengthens the optimistic perspective for its future price movement.
Daily and weekly timeframes
Based on the surge seen on the 4-hour chart, Dogecoin seems ready to shatter its downward trendline on the daily graph.
The cost pattern suggests a double bottom, indicating that Dogecoin (DOGE) may surge past the $0.12 threshold and hold its position. Although other meme coins may outpace DOGE in terms of performance, it’s generally considered a safer investment due to lower volatility.
On a weekly scale, Dogecoin (DOGE) has breached its long-standing range and declined following a test point that coincides with a four-year old parallel channel.
Based on my extensive experience in the cryptocurrency market, it appears that the Dogecoin (DOGE) market is currently at a critical juncture, offering a substantial opportunity to enhance one’s portfolio. I have witnessed numerous bullish and bearish trends over the years, and my gut feeling tells me this could be a good time to consider investing in DOGE.
Dogecoin market cycles
Right now, Doge is going through its third major phase in the financial markets, and the current period of gathering strength near the trendline resembles prior cycles.
Historically, following consolidation periods, Dogecoin (DOGE) tends to surge dramatically. It’s anticipated that this pattern will repeat in the last quarter of 2024, potentially pushing the price of DOGE beyond $0.12 and maintaining it at that level or higher.
On-chain data analysis
Data recorded on the blockchain indicates a positive trend for Dogecoin (DOGE). At present, about three-quarters (74%) of its owners are making a profit, while large-scale investors own approximately two-thirds (62%) of the total supply.
In the past week, transactions worth more than $100,000 accumulated to approximately $1.2 billion. Additionally, the total exchange inflows and outflows were around $23.52 million. Roughly two-thirds (67%) of the account holders have been holding for over a year, while about one-third (31%) have had their accounts active for between 1 to 12 months. A small fraction (2%) of the holders have held the asset for less than a month.
Based on the blockchain indicators, there’s a strong indication of a positive market outlook, as the overall assessment stands at 4 (predominantly optimistic).
According to the current metrics, the bullish sentiment stands at 3.25%, along with a minimal 0.13% concentration of bullish positions, a significant 0.60% of large transactions leaning bullish, and exchange indicators also showing a bullish trend, rated at 1.
In simpler terms, it appears that Dogecoin (DOGE) could surpass and maintain its position above $0.12, given the ongoing growth in the cryptocurrency market.
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2024-08-25 17:12