Analyst: Bull Run for DOGE Could Start Any Moment with Price Predicted to Reach $1+
On Christmas Day, Dogecoin saw a 1% decline, highlighting a continued downward trend in the cryptocurrency. Despite this, an analyst remains optimistic about the future of Dogecoin, suggesting a potential price surge to $1 if historical patterns repeat.
Recent market trends have not been favorable for well-established meme coins like Dogecoin, with a preference for more exotic tokens such as Pippin ($PIPPIN) and MemeCore ($M). However, trader Alan Tardigrade noticed a familiar descending triangle pattern reminiscent of one from 2024. Following the previous pattern, the On-Balance Volume (OBV) indicator dropped below a critical support level before rapidly increasing post-breakout, leading to a significant price spike in Dogecoin.
Drawing a parallel to the 2024 price movement, Tardigrade forecasts a potential surge to $1 if history repeats itself. In 2024, Dogecoin experienced a substantial increase from $0.10 to $0.45 within a few weeks, showcasing significant growth potential.
Analyzing Dogecoin’s chart, there appears to be further room for downside before the anticipated upward movement materializes. Trading volumes have dipped on Christmas Day as traders take a break from the market festivities. CoinMarketCap data illustrates a 25% decrease in trading volume, representing 3% of Dogecoin’s circulating market cap. The price of Dogecoin recently dipped below the $0.13 support level, potentially signaling a decline to the $0.09 range, indicating a potential 31% downside risk in the near term.
Furthermore, the Relative Strength Index (RSI) has consistently failed to surpass the 14-day moving average and mid-line, indicating that bearish sentiment persists in the market. Negative momentum readings continue to dominate, highlighting the control of bears over price action.
In the realm of meme coins, a new mine-to-earn (M2E) gaming platform called Pepenode ($PEPENODE) has emerged as an alternative to traditional cryptocurrency mining methods. Pepenode provides a fun, easy, and cost-effective way to mine meme coins through a blockchain-based game that allows players to instantly launch mining servers without any complex setups.
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To acquire $PEPENODE tokens, individuals can visit the official Pepenode website and connect a compatible wallet like Best Wallet for seamless transactions. Users have the option to swap USDT or ETH for tokens or utilize a bank card for purchases. This innovative gaming platform offers a unique opportunity for crypto enthusiasts to engage in mining activities in a fun and rewarding manner.
