Dogecoin

Rally

2024

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Dogecoin (DOGE) is one of the most watched altcoins in the digital currency ecosystem, and its current outlook has positioned it among the most likely for a bullish breakout. At the time of writing, Dogecoin is&nbsp;<a href="https://coinmarketcap.com/currencies/dogecoin/" rel="noopener noreferrer nofollow">priced at $0.1705</a> after amassing a total of 12.55% in the past 24 hours.
<a href="https://x.com/ali_charts/status/1792893423541772455" rel="noopener noreferrer nofollow">According</a> to top market analyst Ali Martinez, Dogecoin might be making a move to retest its highest price level of $0.2 in more than a month. To support this thesis, Martinez shared a chart that shows DOGE’s breakout from a Descending Triangle pattern. With several confirmations after this breakout, the coin has faced a significant retracement across the board.
With the latest correction, a price trend or reversal is likely, setting the course for DOGE to retest the resistance level at $0.2. While Martinez is not completely confirming a rebound, he said history does not always repeat itself, but it often rhymes.&nbsp;
<blockquote>
 History doesn't repeat itself, but it often rhymes!! <a href="https://t.co/qr9BG5QnjH" rel="noopener noreferrer nofollow">https://t.co/qr9BG5QnjH</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1792893423541772455?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 21, 2024</a>
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For Dogecoin, the $0.2 price mark accounts for one of the toughest resistances to break. The short-term selling pressure begins to build up around this price range, fueling a drawdown the market has yet to break free from for more than four weeks.&nbsp;
The&nbsp;<a href="https://u.today/dogecoin-doge-skyrockets-150-in-volume-amid-bullish-momentum" rel="noopener noreferrer nofollow">general market sentiment</a> at the moment is bullish, and Dogecoin may ride the tide to sustain its current growth. For the meme coin to hit the $0.2 price mark, it would have to grow by an additional 17% from its current level. Judging by the&nbsp;<a href="https://u.today/dogecoin-doge-whales-waking-up" rel="noopener noreferrer nofollow">whale transaction boom</a>, hitting this milestone in the short term is feasible as a supply crunch is gradually being introduced.&nbsp;
The sentiment surrounding the potential&nbsp;<a href="https://u.today/ethereum-etf-approval-odds-suddenly-surge-heres-why" rel="noopener noreferrer nofollow">spot Ethereum ETF approval</a> this week is also likely to drive the price of Dogecoin, alongside other meme coins, to a new high. Beyond the $0.2 short-term target, the coin’s long-term target is pegged at $1.

Dogecoin (DOGE) History Points to Mega Rally Ahead

U_Today

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