Will a flag breakout rally in Dogecoin result in a 25% surge to the $0.175 mark as the meme coin market remains volatile?
The cryptocurrency market has increased by 1.40% in the past 24 hours, now totaling $2.32 trillion. Within this environment, meme coins are experiencing mixed results. While Dogecoin, the largest meme coin, has seen a 3.95% increase in the last day, many other top meme coins are in decline.
Nevertheless, the meme coin segment has a market cap of $55.50 billion and a 24-hour trading volume of $5.38 billion. Currently, Dogecoin maintains a market cap of $21.03 billion and is the eighth biggest cryptocurrency.
Will this uptrend propel Dogecoin toward the $1 target as it attempts a bullish comeback? Let’s take a closer look.
Dogecoin Reversal Run
After a bearish weekend, Dogecoin rebounded from a recent 4-day low of $0.12759, following a 7.38% drop on Friday. The positive momentum resulted in two consecutive bullish candles, with increases of 4.53% and 4.95%. At present, Dogecoin is trading at $0.14384, forming an intraday Doji.
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While this quick reversal mitigates the bearish engulfing candle from Friday, it momentarily halts the bullish trend continuation. However, the 4-hour chart suggests a potential bullish trend extension as the underlying dynamics shift in the shorter time frame.
Ali Martinez Expects 25% Surge in Dogecoin
In a recent analysis shared by Ali Martinez, Dogecoin is exhibiting a bullish flag pattern. This pattern began with a bullish reversal from the psychological level of $0.10299, peaking at $0.14966—an increase of nearly 50%.
According to Martinez’s analysis, a bullish breakout above $0.143 could trigger a 25% surge in Dogecoin prices to $0.175.
Currently, the DOGE price has surpassed the overhead resistance trendline, supporting the bullish trend and challenging the $0.1438 or the 38.20% Fibonacci level. The bullish flag breakout rally teases a morning star pattern as it prepares for an extension.
Additionally, with a V-shaped reversal in play, the 38.20% Fibonacci level serves as a neckline, and a bullish breakout could further energize the Dogecoin rally. Supporting Martinez’s target, the trend-based Fibonacci analysis highlights the 100% Fibonacci level at $0.17022 as a potential target.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/10/28/dogecoin-primed-for-25-rally-seasoned-analyst-identifies-flag-breakout/?utm_source=rss&utm_medium=rss&utm_campaign=dogecoin-primed-for-25-rally-seasoned-analyst-identifies-flag-breakout