Meme coins emerged as the top gainers of the second week of October. Shiba Inu (SHIB) topped the charts with a 7% rise throughout the past 24 hours. Dogecoin (DOGE) followed suit after soaring nearly 5% during the same period. This comes after a reasonably bearish week as DOGE dipped by 7%. But the last spike boosted the asset’s price, trading at $0.1139 during press time.
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DOGE’s Recent Performance And Future Predictions
DOGE’s Breakout From A Descending Triangle Pattern
DOGE’s latest uptick was linked to its breakout from a descending triangle pattern. Prominent analyst Ali Martinez brought this to light in an X post. He pointed out that DOGE had established a well-known descending triangle pattern on weekly charts.
This chart propels a consistent downward trend between flat support and a downsloping trendline. However, a negative forecast is negated since there was a recent drop from the pattern’s upper trendline. This further suggests that DOGE may resume its uptrend.
Historical Patterns And Potential Bull Market
The analyst also noted that Dogecoin could be repeating history. He highlighted that DOGE broke out of a similar pattern that lasted for several years, then saw a noteworthy 200% increase and a 60% retracement.
Dogecoin’s price showed a clear breakout from the triangle’s top trendline after a massive 65% retreat. If this upward trend continues, DOGE may enter a bull market and rise above 20 cents.
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Can DOGE Move Beyond 20 Cents in 2024?
It looks like the stars were aligning for Dogecoin investors. According to data from Telegaon, DOGE is all set to surge beyond 20 cents in 2024. The firm revealed that the OG meme coin will trade at an average price of $0.28. It should be noted that DOGE surged to a high of $0.22 in March 2024. In addition, the asset is also expected to reach a yearly peak of $0.39 sometime this year.
Also Read: Ripple (XRP) & Dogecoin (Doge) Price Prediction For Mid-October 2024
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