Dogecoin DOGE/USD may be gearing up for a breakout soon, defying its recent underperformance against rival meme coins.
What Happened: Crypto chart analyst Ali Martinez pointed out how Dogecoin may be repeating history with its "breakout from a multi-year descending triangle, 200% surge, 60% retracement—then a bull run."
He predicts that Dogecoin could be "gearing up for the next big rally."
Crypto Daily Trade Signals forecasts a Dogecoin breakout to $0.14 “very soon,” while crypto trader Kevin highlighted that if the meme coin holds on to the current chart pattern, it will be an "analyst’s dream." He sees a "beautiful macro falling wedge with a bullish backtest in play," suggesting bullish performance for DOGE.
In another tweet, Kevin pointed out that Dogecoin is 151 days behind the usual four-year cycle “schedule.” The average amount of days it has taken for a parabolic is 1,095 days. In the current cycle, DOGE is still trending down after 1,246 days.
Also Read: Dogecoin Down 2% And Technical Analysis Says It Could Get Much Worse
Why It Matters: IntoTheBlock data shows large transaction volume increased by 7% and daily active addresses grew by 5.8%. Transactions greater than $100,000 are up from 115 to 122 in a single day. Exchanges netflows are down by 2.4%.
IntoTheBlock highlighted around 2.07 billion DOGE is accumulated by large Dogecoin holders in the past week, the highest level since January 2024.
Price Action: In the past 24 hours, DOGE is trading 1.2% higher. Over the past 30-day period, Dogecoin has accumulated around 17%.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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