TL;DR
The revival of the cryptocurrency market has been more than evident in the past few days, with Bitcoin (BTC) reclaiming the $64,000 mark and Ethereum (ETH) climbing above $3,100. However, one digital asset witnessed even more impressive gains, and that is Dogecoin (DOGE).
The price of the biggest meme coin by market capitalization is up approximately 15% on a weekly scale, inching towards $0.17.
According to many analysts, the latest pump has established a predominantly bullish environment for DOGE, meaning its value could rise much more substantially in the following months.
One person to support that thesis is the X user Rekt Capital. The trader, who has almost half a million followers on the social media platform, claimed that Dogecoin “flipped a multi-year resistance into new support,” resulting in a “new Macro Uptrend.”
Crypto Catalysts was even more bullish, highlighting the meme coin’s increased daily transaction volume, “reclaiming weekly level,” and other positive factors. The X user assumed that DOGE’s path to the milestone of $1 is clear.
One crypto analyst who also chipped in lately is Ali Martinez. The X user remained unfazed by the market decline last week and DOGE’s plummeting price, maintaining that the asset’s retreat could be “part of its usual behavior before massive bull runs.”
He noted several occasions in the past years when the meme coin’s price dipped before soaring significantly. The first case was in 2017 when DOGE retraced by 40% before exploding by almost 1,000%.
The situation repeated four years later, with the token’s valuation nosediving by 56% but later skyrocketing by a whopping 12,000%, reaching an all-time high of almost $0.70.
“Now, in 2024, DOGE has yet again broken out of a descending triangle! It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run,” Ali Martinez concluded.
