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Dogecoin To $1: Analyst Thinks Dream Milestone Could Be Hit In Coming Weeks

An analyst has explained how a pattern forming in the Dogecoin price may suggest a rally to $1, if historical trend repeats this time as well.

Dogecoin 1-Week Price Appears To Be Forming A Classic Pattern

In a new post on X, analyst Ali has discussed how DOGE seems to have been showing a classic pattern in its weekly price once again. This trend involves a technical analysis (TA) pattern called the “Descending Triangle,” which, as its name suggests, is shaped like a triangle.

The pattern involves two trendlines between which the price of the asset consolidates; one of these is a line slopped downwards while the other is parallel to the time-axis. This property of the price converging downwards as it goes through the pattern is why it has descending in its name.

Like other TA consolidation patterns, the upper line of the Descending Triangle also provides resistance to the commodity, making tops more probable to form at it. Similarly, the lower line acts as a point of support and can help the price reverse back upwards.

A break out of either of these lines may result in a continuation of the trend in that direction. This means that a break above the triangle can be a bullish signal, while one below could suggest the dominance of bearish momentum.

Similar to the Descending Triangle, there is also an Ascending Triangle in TA, which works much like it, except for the fact that the parallel axis makes the upper line, connecting together tops, while the lower line ascends up as it joins higher lows.

Now, here is the chart shared by Ali that highlights a pattern that DOGE’s 7-day price has been forming recently:

Dogecoin Descending Triangle

From the graph, it’s visible that the Dogecoin 1-week price had been trading inside a long Descending Triangle between 2021 and this year, but the meme coin found a break earlier and has since registered some notable uplift.

Recently, though, the cryptocurrency has reached a stage of sideways movement. This, however, may not entirely be a bad thing, as DOGE has also seen a similar trend of a Descending Triangle break followed by consolidation in the past as well.

As is visible in the chart, the previous two such formations led to Dogecoin witnessing some very significant growth. As such, the latest one may also prove to be bullish, if this historical pattern continues to hold.

“Based on past trends, we might just see DOGE rocket towards $1 in the coming weeks!” explains Ali. From the current spot price, such a potential rally would mean a growth of a whopping 525% for the coin.

DOGE Price

Dogecoin’s price action has been quite stale since the price plunge earlier in the month, as the asset’s price is still trading around $0.16.

Dogecoin Price Chart

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DOGE Price Prediction – Dogecoin Recovery Could Stall At $0.170

Dogecoin is attempting a recovery wave above the $0.150 resistance zone against the US Dollar. DOGE could struggle to clear the $0.170 resistance zone.

  • DOGE started a recovery wave from the $0.1280 support zone against the US dollar.
  • The price is trading above the $0.1500 level and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance at $0.170 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
  • The price must settle above $0.170 to move into a positive zone and start a fresh surge.

Dogecoin Price Faces Hurdles

After a major decline, Dogecoin price found support at $0.1280. A low was formed at $0.1283 and DOGE started a decent recovery wave, like Bitcoin and Ethereum. There was a move above the $0.1350 and $0.140 resistance levels.

The price climbed above the 23.6% Fib retracement level of the downward wave from the $0.2093 swing high to the $0.1283 low. However, the bears are still active and protecting more gains. There is also a key bearish trend line forming with resistance at $0.170 on the 4-hour chart of the DOGE/USD pair.

Dogecoin is also below the $0.1650 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.1690 level or the 50% Fib retracement level of the downward wave from the $0.2093 swing high to the $0.1283 low.

DOGE Price Prediction

Source: DOGEUSD on TradingView.com

The next major resistance is near the $0.170 level. A close above the $0.170 resistance might send the price toward the $0.1880 resistance. The next major resistance is near $0.200. Any more gains might send the price toward the $0.220 level.

Another Decline in DOGE?

If DOGE’s price fails to gain pace above the $0.170 level, it could start another decline. Initial support on the downside is near the $0.1525 level.

The next major support is near the $0.1475 level. If there is a downside break below the $0.1750 support, the price could decline further. In the stated case, the price might decline toward the $0.1280 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1525, $0.1475 and $0.1280.

Major Resistance Levels – $0.1690, $0.1700, and $0.200.

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Crypto Analyst Sounds Buy Alarm For Dogecoin – Can DOGE Price Reclaim $0.2?

The DOGE price has largely struggled to make a return to $0.2 since losing this price level early in April. And the meme coin has mostly been on a descent over the past few weeks, going as low as $1.4 at some point.

However, the tides appear to be shifting for the Dogecoin investors, with the meme token putting in a positive price performance in the past week. The double-digit gain and optimistic price action over the last seven days haven’t gone unnoticed by experts, as many anticipate a continued bullish run for the DOGE price in the near future.

Is A Price Rally Imminent For Dogecoin?

Prominent crypto analyst Ali Martinez took to the X platform to share an interesting analysis and projection for the Dogecoin price. According to the pundit, DOGE’s recent price action is signaling a potential rally to the upside over the coming days.

The reasoning behind this bullish prediction revolves around the TD (Tom Demark) Sequential indicator. Martinez mentioned that this indicator has flashed a buy signal on Dogecoin’s daily chart, suggesting that a price upswing lasting between one to four days might be on the cards.

The Tom Demark Sequential is an indicator in technical analysis used to identify potential points of trend exhaustion and price reversal. Typically, the TD Sequential indicator comprises two major phases known as the “setup” and the “countdown.” 

The setup phase consists of nine consecutive candlesticks depending on whether the token is in a bullish or bearish trend. The countdown phase, on the other hand, consists of 13 consecutive candlesticks, which start immediately after the completion of the “setup.” 

DOGE price

In the chart highlighted above, the DOGE price just completed the nine-candle setup phase, which may be signaling a potential price reversal. Given that this phase was mostly formed by bearish candles, the TD Sequential might be indicating a bottom for Dogecoin’s price.

Ultimately, it is likely that investors will see the DOGE price return to $0.2 if the potential rally produces four consecutive bullish candles. However, they might keep an eye out for the formation of the “countdown” phase.

The completion of the countdown phase on Dogecoin’s daily chart could signal an even stronger and longer-lasting price reversal. This could see the meme token break out of its current bearish trend and gather some momentum for higher price levels.

DOGE Price At A Glance

As of this writing, the DOGE price stands at around $0.1618, reflecting a significant 4.7% increase in the past 24 hours.

DOGE price

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The Next Dogecoin? Top Trader Points To This Memecoin

Crypto trading sensation Ansem, known on X (formerly Twitter) as @blknoiz06, has directed the market’s gaze towards the Bitcoin Runes ecosystem, labeling it as the nascent grounds for the next 100x crypto opportunity, as NewsBTC reported yesterday. Ansem, whose prowess is well-documented through his previous astronomical gains of 170x on Solana (SOL), 520x on dogwifhat (WIF), and 80x on Bonk (BONK), stirred the crypto community with his recent Dogecoin comparison.

On the cusp of Bitcoin’s highly anticipated halving today, Ansem doubled down on his initial assessment, particularly highlighting two tokens within the Bitcoin Runes ecosystem: Bitcoin Wizards (WZRD) and PUPS. He equates WZRD with Dogecoin, suggesting it has the potential to mirror Dogecoin’s viral success. In contrast, he compares PUPS to the lesser-known but highly profitable dogwifhat (WIF).

Related Reading: Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today?

Dogecoin price

In a tweet that caught the eye of both investors and enthusiasts, Ansem elaborated on his reasoning behind the picks, stating:

Great thread, been saying, I believe Runes are next asymmetric 100x opp in crypto. The meme that got DOGE founder interested in Bitcoin & the phrase magic internet money is still used today – representative of bitcoin culture. DOGE equivalent = WZRD, WIF equivalent = PUPS.

Ansem references a thread on X by Immutable Edge (@ImmutableSOL), who delved into the historical and cultural significance of the “Magic Internet Money” meme, originally sparked by mavensbot’s viral Reddit ad.

The “Magic Internet Money” meme dates back to February 18, 2013, when mavensbot, a digital artist, submitted a hand-drawn depiction of a blue wizard to promote Bitcoin on Reddit. This ad, created during Bitcoin’s early adoption phase, was crucial in cultivating a cultural ethos around Bitcoin.

It resonated deeply within the community, encapsulating the whimsical yet revolutionary nature of Bitcoin’s rise. The ad’s simplicity and authenticity resonated with the Reddit community, propelling Bitcoin from a niche internet experiment to a major financial phenomenon. Within weeks of the ad’s debut, Bitcoin’s value surged from $27 to a record high of $1,132 by November 2013.

Bitcoin Wizards, one of the highlighted tokens, aims to rekindle this original spirit. The token leverages the iconic imagery and cultural narrative of the “Magic Internet Money” meme to foster a new wave of interest and adoption. The creators of WZRD are not only paying homage to Bitcoin’s roots but are also embedding this storied meme within the mechanics of a modern cryptocurrency, aiming to capture both nostalgia and innovation.

The Bitcoin Wizards project is part of the broader Bitcoin Runes ecosystem, which reached a lot of hype prior to its launch. According to Ansem, WZRD’s history and deep roots in memes give it the perfect ingredients to become the next Dogecoin, just on Bitcoin Runes.

Moreover, the analyst assessment comes at a critical time for the crypto market, which is often influenced by the narratives that capture the community’s imagination. As the Bitcoin halving event unfolds, many eyes will be on the Bitcoin Runes ecosystem to see if it can indeed replicate the meteoric rises seen in BRC-20 tokens and Ordinals.

At press time, WZRD traded at $12.15, up 70% in the last 24 hours.

WZRD/USD price

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Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today?

The cryptocurrency market tends to thrive on a blend of innovation, utility, and sometimes, just a good meme. This week, the spotlight shone brightly on Dogecoin (DOGE), the Shiba Inu-themed meme coin, after a characteristically playful tweet from tech billionaire Elon Musk sent prices soaring.

While the tweet itself referenced a scene from Monty Python and didn’t directly mention Dogecoin, its timing, with DOGE hovering near the cusp of the top 10 cryptocurrencies by market cap, proved to be enough to ignite a firestorm of trading activity.

This latest episode serves as a stark reminder of the immense influence Musk wields over the meme coin market, and the hair-trigger reflexes of Dogecoin’s dedicated community.

Dogecoin Rollercoaster Ride Continues

This isn’t the first time Musk has sent shockwaves through the Dogecoin world. In 2021, his enthusiastic endorsements, including a now-famous appearance on Saturday Night Live where he jokingly referred to himself as the “Dogefather,” propelled DOGE to its all-time high. However, the meme coin’s meteoric rise proved unsustainable, and prices eventually settled into a lower, but still respectable, position.

Currently, Dogecoin sits comfortably as the eighth-largest cryptocurrency, boasting a market cap of over $22 billion. However, there was a different narrative in the price department.

At the time of writing, DOGE was trading at $0.15, down 8.4% and 22.9% in the daily and weekly timeframes, data from Coingecko shows. Clearly, the Musk tweet magic didn’t work this time. Or, perhaps not yet?

A quick look at DOGE’s daily chart reveals a classic case of price resistance, where the coin struggles to break through specific price ceilings. This back-and-forth price action reflects the ongoing battle between enthusiastic buyers, emboldened by figures like Musk, and more cautious investors wary of the coin’s unpredictable nature.

No Price Boost This Time

Elon Musk’s tweets have long been synonymous with skyrocketing memecoin values, yet today’s unexpected downturn in Dogecoin following his latest post underscores the volatile and unpredictable terrain of cryptocurrency markets.

This stark deviation from the usual trajectory serves as a poignant reminder that even the most influential voices in the industry cannot fully control or anticipate the market’s whims and fluctuations. It highlights the inherent risks and complexities investors face as they navigate this ever-evolving landscape, where sentiments can shift swiftly, leaving even seasoned traders reeling from the abrupt changes.

Featured image from Pexels, chart from TradingView

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DOGE Price Prediction – Dogecoin Could Restart Drop To $0.12

Dogecoin is struggling below the $0.180 resistance zone against the US Dollar. DOGE must stay above the $0.1450 support zone to start a fresh increase.

  • DOGE started a fresh decline below the $0.1750 zone against the US dollar.
  • The price is trading above the $0.1700 level and the 100 simple moving average (4 hours).
  • There is a key contracting forming with support at $0.1540 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
  • The price could restart its increase unless there is a close below the $0.1450 support.

Dogecoin Price Turns Red

After struggling to clear the $0.20 resistance zone, Dogecoin price started a fresh decline. There was a sharp bearish move below the $0.180 and $0.1650 levels. DOGE traded as low as $0.1283 and recently attempted a recovery wave like Bitcoin and Ethereum.

The price climbed above the $0.1450 level. It broke the 23.6% Fib retracement level of the downward move from the $0.2096 swing high to the $0.1283 low.

However, the bears are active near the $0.1680 resistance and the 50% Fib retracement level of the downward move from the $0.2096 swing high to the $0.1283 low. The price is now consolidating near the $0.1550 level. There is also a key contracting forming with support at $0.1540 on the 4-hour chart of the DOGE/USD pair.

DOGE Price

Source: DOGEUSD on TradingView.com

Dogecoin is also below the $0.1600 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.160 level. The next major resistance is near the $0.170 level. A close above the $0.170 resistance might send the price toward the $0.1880 resistance. The next major resistance is near $0.200. Any more gains might send the price toward the $0.220 level.

More Downsides in DOGE?

If DOGE’s price fails to gain pace above the $0.160 level, it could continue to move down. Initial support on the downside is near the $0.1520 level.

The next major support is near the $0.1450 level. If there is a downside break below the $0.1450 support, the price could decline further. In the stated case, the price might decline toward the $0.120 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1520, $0.1450 and $0.1280.

Major Resistance Levels – $0.1600, $0.1780, and $0.200.

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Dogecoin Flashes Weekly Golden Cross: Why This Analyst Believes The Bull Rally Is Far From Over

A crypto analyst known as Yomi has noted that the Dogecoin recent price action could turn bullish after this week. According to Yomi, DOGE is on the verge of creating a golden cross on its price chart, an event that could indicate the continuation of a major bull run. He noted the need for a green candle this week in order to start a new rally, which could be tough considering recent on-chain metrics and market fundamentals. 

Dogecoin Flashing Weekly Golden Cross

The weekly chart for Dogecoin is flashing a golden cross, a bullish signal that occurs when the 50-week moving average crosses above the 200-week moving average. According to a weekly price chart shared by Yomi, this weekly cross looked almost completed just two weeks ago, as a price surge for DOGE in the past two months saw the short-term moving average approaching the longer one. 

However, trader sentiment around DOGE has turned bearish since the beginning of April as the bulls struggled to push the crypto past the $0.22 mark, allowing it to form a price resistance level. Consequently, DOGE has gone on to form two weeks of bearish candles, which has derailed the completion of a golden cross. 

Yomi observed that the formation of this bullish indicator has been pushed forward to multiple weeks of upward price movement. Furthermore, Yomi said all that’s needed is for DOGE to close higher than its open price this week and form a green candle to confirm the breakout and get back on track to a golden cross. 

DOGE To Turn Bullish?

Dogecoin dropped by an astounding margin last week to spearhead the crash in the majority of meme coins. Interestingly, the crypto fell to as low as $0.13 in the middle of the week, representing a 33% decline from its opening price at the start of the week. During the price fall, crypto whale transaction tracker Whale Alerts noted the transfer of 600 million DOGE tokens worth $92.3 million from a private wallet into Binance, hinting at a potential sell-off from a DOGE whale.

However, all is not lost as Dogecoin price action has been showing green in the past day. At the time of writing, DOGE is trading at $0.1669, up by 5% in the past 24 hours. If DOGE can close substantially above its weekly open of $0.1624, that would confirm the continuation of the journey to a golden cross and likely kick off a new uptrend. 

Yomi noted in another post on social media that Doge will continue to tease a bullish price action in the longer term as long as it stays above $0.12 this week. 

Dogecoin price chart from Tradingview.com

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Dogecoin Whales Send 800 Million DOGE To Exchanges, Dump Incoming?

Dogecoin has been one of the best performers over the past year, consistently holding up gains even through market dumps. However, after the meme coin’s rally in March and then the subsequent dump in April, it looks like investors, especially whales, are finally getting ready to start taking profit. This is evidenced by a number of large DOGE transactions that were flagged going into exchanges over the last day.

Dogecoin Whales Move 800 Million DOGE To Exchanges

The movement of coins to centralized exchanges can be very bearish for the price of a cryptocurrency. This is because the move to centralized exchanges often points to a selling spree as investors look to take advantage of the deep liquidity that is provided by these exchange platforms. This reason is why the massive amounts of DOGE tokens being sent to centralized exchanges are concerning for the community.

Over the course of the last day, the on-chain whale tracking platform Whale Alert reported a number of large DOGE transactions that carried tokens to centralized exchanges. The largest of these transactions happened on April 14, when a single transaction was carrying 600 DOGE tokens to the Binance exchange.

At the time of the transaction, the total stash of tokens being transferred was worth around $92.3 million. However, with the DOGE price increasing since then, the value of the tokens contained in this transaction could be closer to $95 million at the time of this writing.

Hours later, after the first transaction, two other transactions followed, also carrying notable amounts of DOGE tokens. The second transaction, which carried 100 million DOGE tokens worth $15.28 million, headed for the Robinhood exchange.

The third transaction of the trio was also headed to the Robinhood exchange, carrying 99.25 million tokens worth $16.15 million. In total, approximately 800 million DOGE tokens to centralized exchanges, signaling a potential sell-off on the horizon.

Can DOGE Surge From Here?

Despite the bearish pressure that seems to categorize Dogecoin lately, the longer-term outlook for the meme coin has remained bullish, especially among crypto analysts. Crypto analyst Trader Tardigrade has continued to maintain a bullish stance on the meme coin, which he believes could pull a significant rally soon.

Tardigrade’s latest analysis of Dogecoin saw a bullish formation on the chart, which could lead to a 100% rally. The move, which the analyst expects to happen sometime in April following the Bitcoin Halving, is expected to see the DOGE price rise as high as $0.4 in the short term.

However, first, the meme coin’s price would have to break above $0.205, which has developed into significant resistance for the altcoin. But, as the crypto analyst explains, a break above this level would confirm the bullish breakout.

For now, Dogecoin is still struggling to break through this $0.205 resistance and has since been rejected from this level. It is currently sitting at $0.165, with a 5.51% increase on the last day and a 20% decrease on the last week, according to data from Coinmarketcap.

Dogecoin price chart from Tradingview.com

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DOGE Price Set For Rebound? Whale Moves $26 Million In Dogecoin Off Robinhood

The price of Dogecoin has been experiencing a significant amount of bearish pressure in the past few days. This recent decline coincides with a general market downturn, which has seen other large-cap assets like Bitcoin and Ethereum tumble with notable losses.

However, the meme coin’s price might not be down for too long, especially after a major investor executed a massive transaction off a centralized exchange. The transfer, which an on-chain data tracker flagged, has sparked speculations in the DOGE community and could be bullish for the meme coin’s price.

Whale Transfers 150 Million Dogecoin From Robinhood

According to data from blockchain transaction tracker Whale Alert, a substantial amount of Dogecoin has made its way off the Robinhood exchange. In the past day, an outgoing transfer of 150 million DOGE tokens, equivalent to more than $26 million, from the crypto trading platform was spotted on the Dogecoin blockchain.

Given the magnitude of this transaction, it appears that a whale was behind this movement of funds. Whales refer to influential entities or individuals that own or hold significant amounts of a particular cryptocurrency in their wallets (Dogecoin, in this case).

Whales are often perceived as major players in the crypto market, as their buying and selling activities can have a substantial impact on a token’s price. As such, their actions can be worth keeping an eye on, especially as they can lead to speculations and potential market shifts.

This particular transfer, where the Dogecoin whale moved their tokens from an exchange wallet to a self-custodial wallet, is known as an “exchange outflow.” Typically, investors move their assets off trading platforms when they intend to hold onto their coins in the long term, indicating their faith in the future promise of the crypto.

Additionally, the movement of funds off exchanges can sometimes be a signal of fresh accumulation, as some investors prefer to withdraw their tokens immediately after purchase. All in all, considering the large-scale nature of the transfer, the latest movement of Dogecoin tokens off Robinhood might be a bullish proponent for the meme coin’s price.

Meme Coins Facing Turmoil?

As of this writing, the Dogecoin price stands at around $0.1496, reflecting a notable 12% decline in the last 24 hours. The largest meme coin is down by close to 20% on the weekly timeframe, according to CoinGecko data.

However, Dogecoin is not the only meme token to have witnessed this massive downturn in price, as other coins also posted double-digit percentage losses. Notably, the second-largest meme coin, Shiba Inu, is also deep in the red, with an almost 14% price drop in the past day.

Dogecoin

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Dogecoin Usurped: These Memecoins Overtake DOGE In Active Trader Count

On-chain data suggests Dogecoin is no longer the dominant meme coin in terms of its weekly active trader count. Here are the coins above it.

Dogecoin Has Been Surpassed In Trader Count By Other Memecoins

According to data from the market intelligence platform IntoTheBlock, DOG and DEGEN are the two assets that have managed to surpass the original meme-based cryptocurrency in terms of weekly trader count.

A “trader” here refers to an investor who has been holding onto their coins since less than 30 days ago. These investors generally tend to move their coins often, as they play the role of active traders in the market. They are certainly not the HODLers of the sector.

When the number of these traders goes up for any asset, it means that some fresh interest is potentially coming into the coin. Price actions like rallies are only sustainable when they have an ever-increasing fuel coming in, so the trader count going up can perhaps be a bullish indication in this direction.

On the other hand, the metric going down implies traders either are losing interest in the cryptocurrency or have decided to hold onto it in the long term, thus maturing past the 30-day threshold. Whatever the case be, though, a drawdown in the indicator does suggest a lack of new hands coming into the market.

Now, here is a chart that shows the trend in the number of traders for the various meme coins in the sector:

Dogecoin Number of Traders

As displayed in the chart, Dogecoin (in blue) has consistently remained number one in terms of the number of traders, which only makes sense as DOGE has generally been the most popular meme coin, as its market cap would indicate.

Hype and excitement are usually the number one driver for attracting users to a cryptocurrency. It would appear, though, that DOGE has recently been falling off in this metric.

“While DOGE has long dominated almost every metric in the memecoin market, it seems to be losing some of its dominance,” says the analytics firm. The interest behind the coin may thus not be at the same level anymore.

As for which meme coins have overtaken the cryptocurrency so far, IntoTheBlock notes, “DEGEN currently leads with 129k active traders, followed by DOG with 126k.”

Given this high interest in these memecoins, it’s possible they may be likely to go through some volatility in the near future as all these traders make moves at once.

In theory, this volatility can take these coins in either direction, but as the intelligence platform explains, “a strong increase in traders usually coincides with bullish momentum.”

DOGE Price

Dogecoin had slipped below the $0.17 level last week, but the coin has since bounced back as it’s now trading just under $0.20.

Dogecoin Price Chart

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The Era Of Flippenings: Can Dogecoin Take XRP’s Spot?

In the last few weeks, there has been uncertainty in the crypto market, but that has not stopped the likes of Dogecoin and XRP from making moves. One of the most notable developments, however, was the entry of Toncoin (TON) into the top 10 cryptocurrencies by market cap, and then dethroning Cardano (ADA). Following this, Dogecoin looks ready to carry out a flippening of its own, eyeing XRP’s spot on the list.

Dogecoin Gearing Up To Take Over XRP

Dogecoin has performed rather well at a time when the crypto market has remained indecisive. Even though there has been times when the price has dipped, it has managed to reclaim $0.2, although the majority of bearish resistance is being mounted at this junction.

Nevertheless, Dogecoin’s ability to hold most of its gains from March has seen its market cap increase rapidly. From less than $15 billion at the start of the year 2024, the meme coin’s market cap has now climbed above $28.6 billion, putting it dangerously close to the market cap of XRP.

At the time of writing, XRP’s market cap is sitting at $33.9 billion, spurred by the decline in its price over the last week. This means that the market cap of XRP is now only 15.6% higher than that of Dogecoin, a perilously small gap given how quickly prices of cryptocurrencies can rise.

In this case, if Dogecoin continues to perform well and XRP fails to keep up, it could easily lose the sixth spot on the list to DOGE. A 20% rise in the DOGE price to $0.24 would put its market cap above $34 billion, putting it ahead of XRP. And if XRP’s continues to fall, then the gap could tighten over the next week.

DOGE Price Projected To Explode

Dogecoin currently boasts one of the strongest crypto communities, and some would argue even stronger than the XRP army, as DOGE’s support base has strengthened due to its outperformance in the past. This support base and rapid adoption are two of the foremost factors that promise an interesting future for the meme coin.

There have been many predictions for where the future price of DOGE might be, with some going as high as $100. However, according to crypto Analyst Ali Martinez, Dogecoin could do quite well in this bull market. The analysis posted by Martinez reveals multiple price targets, with $12 at the top.

These targets, if they play out correctly, will see the DOGE market cap rise rapidly, and unless XRP pulls some equally bullish moves, it will soon be behind DOGE on the list of largest cryptocurrencies by market cap. But for now, both cryptocurrencies at maintaining their places with XRP in 6th position and Dogecoin in 8th position behind stablecoin USDC.

Dogecoin price chart from Tradingview.com (XRP)

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Dogecoin Slows Down: What Needs To Happen For New DOGE Highs?

The market intelligence platform IntoTheBlock has pointed out what may need to happen before Dogecoin can continue its uptrend and reach new highs.

Dogecoin Has Notable On-Chain Resistance Near $0.20

In a new post on X, IntoTheBlock has discussed the recent trend in the price of DOGE and what it would take for the memecoin to register a new high for the year.

According to the analytics firm, Dogecoin must solidly break above the level where on-chain resistance is currently the strongest. In on-chain analysis, a level’s potential to act as resistance or support is based on the number of coins that were last bought at it.

Below is a chart that shows this investor cost basis distribution for DOGE at price ranges near the cryptocurrency’s current spot value.

Dogecoin Resistance

Here, the size of the dot represents the number of coins acquired within the corresponding price range. In terms of the levels ahead, the prices around $0.20 have held the cost basis of the most number of tokens out of the ranges listed.

To be more particular, about 32,000 addresses bought 3.78 billion DOGE around this mark. Since this price is above the current spot value of the asset, all of these investors would be holding at a loss.

Generally, the cost basis is a special level for investors, and as such, they are prone to reacting when the asset retests. Investors holding at a loss may tend to show a selling reaction when such a reaction happens.

This is because investors like these may fear that the cryptocurrency will dip again shortly, so exiting at the break-even mark might not sound like a bad idea, as they would at least be able to avoid any losses in the future.

Of course, if only a few investors are involved, any such reaction from the market wouldn’t be relevant to the Dogecoin price. However, if a large number of investors show this reaction, the asset may very well feel some visible fluctuations.

This is why the strength of an on-chain level’s ability to act as resistance or support lies in the number of coins acquired there. More coins mean a potentially larger reaction once the level is retested.

As the $0.20 level holds the cost basis of a notable number of investors, it’s possible that it could act as a source of major resistance when Dogecoin retests it next. IntoTheBlock says that, for DOGE to continue its recent rend, it would have to break past this barrier solidly.

DOGE Price

Dogecoin has experienced a drawdown over the last couple of days, which has taken its price to $0.188.

Dogecoin Price Chart

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Crypto Expert Reveals What To Expect For Bitcoin, Dogecoin, And XRP In 12-16 Months

Crypto expert Ash Crypto has outlined his price predictions for several crypto tokens, including Bitcoin (BTC), Dogecoin (DOGE), and XRP, heading into this bull run. He also suggested that these price levels could be attained in the next 12 to 16 months. 

How High Will Bitcoin, Dogecoin, And XRP Rise?

Ash Crypto predicted in an X (formerly Twitter) that BTC would rise between $100,000 and $250,000 by 2025. This prediction aligns with those made by other notable crypto analysts. One of them is Skybridge Capital CEO Anthony Scaramucci, who predicted in January that Bitcoin would rise to $170,000 18 months after the Bitcoin Halving.

Bitcoin Dogecoin XRP

Meanwhile, some other crypto analysts will argue that Bitcoin hitting $100,000 could even happen this year rather than 2025. This includes Tom Dunleavy, the Chief Investment Officer (CIO) at MV Capital, who claims that Bitcoin will rise to $100,000 by the end of this year. Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, also predicted that Bitcoin would rise to as high as $150,000 this year. 

Regarding his price target for DOGE, Ash Crypto predicted that the meme coin would rise to $1 in the next 12 to 16 months. This prediction is also a common sentiment shared by several other crypto analysts and members of the crypto community. Specifically, crypto analyst DonAlt once mentioned that “it isn’t too unlikely for Dogecoin to go to $1,” while crypto analyst Altcoin Sherpa stated that DOGE could do “something silly like go to $1 this cycle eventually.”

Ash Crypto also shared his price target for XRP, stating that the crypto token could rise between $3 and $5. This price prediction, however, seems conservative, considering other predictions that crypto analysts have made for the XRP token. 

Crypto analyst CrediBULL Crypto recently mentioned that XRP could rise to as high as $20 in this market cycle. Meanwhile, Crypto analyst Egrag Crypto has repeatedly stated that XRP hitting $27 is possible.

Undervalued Altcoins Make The List

Crypto expert Michaël van de Poppe recently included Chainlink (LINK), Celestia (TIA), and Polkadot (DOT) in a list of ten crypto tokens he believes are undervalued. Interestingly, these three altcoins also made their way into Ash Crypto’s list of coins, for which he outlined price targets. 

For LINK, Ash Crypto predicted that the crypto token could rise to between $250 and $500 by next year. LINK’s rise to such levels would undoubtedly be massive, considering it currently trades at around $17. Ash Crypto also predicted a parabolic surge in TIA and DOT’s prices, as he believes they could rise to as high as $150 and $120, respectively. 

Dogecoin price chart from Tradingview.com (Bitcoin XRP)

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Altcoins Hotlist: Expert Identifies Top 6 Coins To Track Amid Bitcoin’s Rise To $72,000

As Bitcoin (BTC) continues its upward trajectory, regaining its bullish momentum after brief range-bound price action and inching closer to its all-time high (ATH) of $73,700, crypto analyst Miles Deutscher shared insights on several altcoins to watch for potential gains this week. 

Altcoins With Strong Potential

First, Deutscher observes a robust recovery in Bitcoin following its recent dip below the $65,000 level on April 3rd. The analyst notes that Bitcoin’s structure appears positive, with $73,8000 being the critical level to watch as it represents the previous ATH and the cryptocurrency’s last resistance before further gains. 

According to Deutscher’s analysis, BTC’s ability to break through this level could signal further upward momentum for the market leader.

Despite recent network congestion issues, Deutscher remains optimistic about Solana’s long-term prospects, as it is the first of several altcoins on the analyst’s radar this week, promising further gains on top of its already 23% uptrend over the past month. 

Altcoins

The analyst highlights that sentiment around Solana has deteriorated slightly but emphasizes that these issues are unlikely to significantly impact the medium to long term.

Next on the list, Deutscher identifies BTC’s equivalent to non-fungible tokens (NFTs), Ordinals, as a strong performer within the BRC-20/BTC narrative ecosystem.  

With the Bitcoin halving scheduled for the last half of April just days away, Deutscher remains bullish on the ORDI token ahead of the event. While the narrative surrounding the halving remains relatively quiet, Deutscher continues to suggest that Ordinals stands out as a leader in the space.

Orion And Altlayer

Deutscher has expressed interest in Altlayer, an altcoin closely associated with the EigenLayer protocol, due to recent rumors surrounding the upcoming EigenLayer airdrop. According to the analyst, Altlayer’s proximity to the airdrop and its involvement in the restaking narrative contributes to its appeal. 

Given these anticipated developments, Deutscher sees a potential boost for the token as the market prepares for the airdrop. The token is up 14% in the last month alone and over 4% in the previous 24 hours. 

Similarly, Deutscher highlights ORN as the first restaking rollup on EigenLayer and emphasizes the limited opportunities to get exposure to EigenLayer before its official launch. 

This factor, combined with Orion’s rebranding to LUMIA, has attracted positive market sentiment, the analyst said, noting that recent weeks have demonstrated the market’s positive response to token rebrands, further increasing Orion’s potential.

Dogecoin’s ‘Doge Day’

Next on the altcoin watchlist, Deutscher notes the upcoming “Doge Day” on April 20, which has historically seen increased interest and speculation surrounding the dog-themed meme coin. 

According to the analyst, the possibility of Elon Musk tweeting about the meme-inspired cryptocurrency has fueled expectations for potential price moves. Deutscher suggests monitoring DOGE for strength and considering it as a viable short-term trading opportunity.

Finally, Deutscher points to previous instances where early altcoins airdrop participants experienced initial selling pressure, followed by potential rebounds. 

Wormhole’s native token, W, is facing a similar scenario as the token has fallen over 30% since trading began on April 3. Deutscher advises watching how the token reacts around the significant support level of $1. 

Once the initial selling pressure potentially subsides, Deutscher notes that a positive reaction can be expected, but whether the $1 support holds will be key to determining the cryptocurrency’s next moves. 

Altcoins

Featured image from Shutterstock, chart from TradingView.com

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Dogecoin Rally Intensifies: Eyes Set On Historic New Highs

After a retracement from its current high of $0.22960, the price of Dogecoin (DOGE) looks like it is not yet done as the memecoin bounced back and moving toward its current high.

Dogecoin Price Technical Analysis

Dogecoin is one of the few memecoins that have captured the hearts of many crypto investors. Like Shiba Inu and Pepecoin (PEPE), Dogecoin is backed up by a strong and exciting community which has played a huge role in its success so far. 

At the time of writing, the price of DOGE was trading around $0.19713 and was up by over 5% in the last 24 hours. Also, the price is currently trading above the 100-day moving average with very strong bullish momentum in the 4-hour timeframe.

The MACD indicator in the 4-hour timeframe suggests an upward spike. This is so because the MACD line and the MACD signal that was trending below the zero line have both crossed, heading toward the MACD zero line. 

If the MACD line and the MACD signal line manage to cross above the MACD zero, Dogecoin might move higher to create a new high. Meanwhile, the MACD histogram is already trending above the zero line which suggests a bullish momentum.

Dogecoin

The Relative Strength Index (RSI) on the 4-hour timeframe also indicates a bullish momentum toward the upward direction as the RSI signal line has crossed above the 50% level and is heading towards the overbought zone. According to the RSI indicator, the strength of the upward movement is still very strong as buyers are still very active in the market.

Potential Retracement On The Downside

Given the price’s previous surge, two major resistance levels and one major support level were created around $0.22960, $0.2244, and $0.19622 respectively. If the price of DOGE manages to move above the resistance level of $0.22441 level, it might move even further upward toward the resistance level of $0.22960. 

At this point, if the price succeeds in breaking above this level, the price might surge higher to create a new high. On the other hand, if the price fails to break above this resistance level, the price might start a new downward movement toward its previous support level of $0.19622. However, a breakout below the $0.19622 level could trigger a new downward trend.

Dogecoin

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Dogecoin Whale Takes $52.3 Million In DOGE Off Binance, Sign Of Buying?

On-chain data shows a Dogecoin whale made a large withdrawal from Binance today, which may be bullish for the memecoin’s price.

A Large Amount Of Dogecoin Has Left The Binance Platform In The Past Day

According to data from the cryptocurrency transaction tracker service Whale Alert, a large transfer has been spotted on the Dogecoin blockchain during the past day.

In this move, the network has processed the movement of 304,588,737 DOGE, worth around $52.3 million when the transaction was executed. Given the large scale of the transfer, it’s likely that a whale entity was involved.

The whales are influential on the network due to the sheer number of tokens they carry in their wallets. As such, their moves can be worth keeping an eye on since they may cause noticeable fluctuations in the market.

How the market would be affected by the moves from these humongous entities depends on what they intend to do with those moves. Naturally, it’s impossible to say what an investor plans to do confidently.

The type of addresses involved in the transaction, however, can sometimes at least provide a hint about what the whale may have wanted to achieve with the move.

Below are the details of the latest Dogecoin whale transaction, which reveals its relevant addresses.

Dogecoin Whale Outflow

As is visible, this Dogecoin transaction was executed from a wallet connected to the cryptocurrency exchange Binance. The destination of the move appears to have been a couple of unknown addresses.

An unknown address refers to a wallet not affiliated with any centralized entity like an exchange (the sender in this transfer is a “known” wallet as it’s attached to a central entity in Binance). Generally, such addresses are the investors’ personal, self-custodial wallets.

Transfers where coins move in the direction of exchanges to self-custodial entities are known as “exchange outflows.” Usually, investors make such moves when they plan to hold onto their coins long-term, as it’s safer to do so outside of these platforms, where the platforms control the wallets.

Exchange outflows can also sometimes be an indication that fresh buying is going on, as some investors like to immediately withdraw their purchases of these platforms.

Given the relatively massive scale of the Dogecoin exchange outflow in the current case, it can naturally be bullish news for investors if the whale is indeed accumulating here.

However, the scenario also exists where the whale has withdrawn to sell through the peer-to-peer (P2P) mode. In this case, the effect on the asset could be bearish instead.

DOGE Price

At the time of writing, Dogecoin is floating around $0.176, down 16% over the past week.

Dogecoin Price Chart

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Dogecoin Finds A Bottom: How The 7-Year Cycle Can Send Price To $40

Dogecoin has had a rather interesting week, first rallying to cross $0.2, before correcting back downward and eventually losing support at $0.8. Nevertheless, there is still a lot of steam left in the cryptocurrency it seems, as crypto analysts have identified both a bottom and a 7-year cycle that could send its price as high as $40.

Dogecoin To Bottom Around $0.16

In an analysis posted on X (formerly Twitter), crypto analyst Trader Mayne posited that Dogecoin could find a bottom around $0.16. He explains that this is the level where bulls are mounting support, making it a critical point for the meme coin.

Now, if the bulls are able to hold this support level, it would mean that the DOGE price has eventually found its bottom. However, falling below this support level could be detrimental for the meme coin’s price, as Trader Mayne revealed, leading to an even larger correction from here.

On the flip side, if bulls are able to hold this support, then it could signal a continuation of the bullish trend. The crypto analyst reports that the RR (Risk Ratio) for longs has skewed positive. So, in this case, holding above the $0.16 support and eventually reclaiming the previous local peak just below $0.24, then “the party continues,” the analyst stated.

DOGE Price Headed To $40?

Trader Mayne is not the only crypto analyst who has shown bullishness toward Dogecoin in spite of the decline. Another analyst, identified as Tardigrade, also took to X to share a cycle trend in the DOGE price that they had uncovered.

The crypto analyst titled the trend the “Cycle of 7 years” which predicts a large move up to new all-time high levels for the meme coin. Tardigrade points to the performance of Dogecoin in the seven years leading up to the 2021 surge, a cycle that they believe is set to repeat again.

Given that seven years is a wide range, it means that in 2024, the DOGE price is still just halfway to completing it. From here, it would take another four years for the 7-year cycle to be completed, at the end of which Dogecoin is expected to see a massive surge.

The cycle ends in 2028 and by this time, the crypto analyst expects that the DOGE price will move above $2, then $9, and all the way to $40. They support this with the fact that the DOGE price moved from $0.0007 in 2017, and reached as high as $0.7 in 2021. Given this, the analyst advises crypto investors not to miss the Dogecoin move up.

Dogecoin price chart from Tradingview.com

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Dogecoin Deflates: What’s Behind The 20% Price Drop Amidst Memecoin Mania?

Dogecoin (DOGE), the Shiba Inu-themed memecoin, finds itself in a curious situation. While the number of holders and overall interest in DOGE surges, its price has experienced a significant drop in the past week.

This inconsistency reflects the broader volatility of the memecoin market, currently experiencing an influx of novice traders.

IntoTheBlock, a blockchain analytics firm, revealed a record number of addresses holding memecoins for less than a month in March.

This trend suggests a surge in new investors drawn to the memecoin craze. However, Dogecoin, despite leading the pack in terms of both traders and transactions, has seen its price tumble by over 20% in the last week.

DOGE Technical Signs Grim?

Technical indicators paint a concerning picture for DOGE’s immediate future. The Chaikin Money Flow (CMF), which measures buying and selling pressure, has dipped below zero, indicating an outflow of capital and a bearish sentiment.

Related Reading: XRP Battle Cry: Must Rally 70% To Reconquer $1 Peak After Market Turmoil

On the other hand, the On-Balance Volume (OBV), reflecting buying pressure over time, has also declined, further confirming a downtrend. This combination of falling prices and declining trading volume could exacerbate the drop and weaken DOGE’s support levels.

Optimism Lingers For Memecoin

Meanwhile, cryptocurrency analyst Trader Mayne remains bullish on DOGE. He believes the memecoin could experience a significant price increase if it can hold its current support levels. However, Mayne’s prediction hinges on DOGE’s ability to defy the current bearish technical indicators.

The broader cryptocurrency market sentiment also plays a crucial role in influencing individual coin prices. If the overall market experiences a correction, it could drag DOGE down further. Additionally, regulatory scrutiny or negative news surrounding memecoins could dampen investor confidence and lead to a sell-off.

Dogecoin finds itself at a crossroads. While new investors are pouring in, fueled by the memecoin craze, the recent price drop and bearish technical indicators raise concerns about its short-term future.

The decisions of existing holders, the whims of social media, and the overall cryptocurrency market sentiment will all be crucial factors in determining whether DOGE can defy the odds and reclaim its former glory.

Featured image from Pexels, chart from TradingView

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Memecoins Reign Supreme: CoinGecko Reveals Most Profitable Crypto Narrative Of Q1

In the first quarter of 2024 (Q1), memecoins emerged as the most profitable crypto narrative, delivering massive average returns of 1312.6% across its top tokens, according to a recent study and report conducted by CoinGecko.

This figure far surpassed the returns of other narratives, highlighting the growing popularity and frenzy surrounding memecoins in the cryptocurrency market.

RWA Vs Memecoins

Three newly launched tokens were among the top 10 memecoins by market cap at the end of the quarter: Brett (BRETT), BOOK OF MEME (BOME) and Cat in a dogs world (MEW). 

BRETT generated the highest returns since its launch with a gain of 7727.6%, closely followed by dogwifhat (WIF) with a gain of 2721.2% during the quarter. Notably, the memecoin narrative outperformed other crypto narratives by a significant margin.

memecoins

 

Compared to the second most profitable narrative, RWA, memecoins were 4.6 times more profitable, and their returns were 33.3 times higher than those of the Layer 2 narrative, which experienced the lowest gains in Q1.

The RWA narrative, which stands for “Real-World Assets“, returned 285.6% in Q1. Although it briefly held the title of the most profitable narrative in early February, memecoins and artificial intelligence-based (AI) tokens outperformed RWA in terms of returns. However, RWA managed to regain its position ahead of the AI narrative by the end of March. 

Notable winners in the RWA category included MANTRA (OM) and TokenFi (TOKEN), which posted quarter-to-date (QTD) returns of 1074.4% and 419.7% respectively. XDC Network (XDC) was the only RWA token to decline, falling 15.6% for the quarter.

Artificial intelligence closely followed RWA as the only other narrative to deliver three-digit returns, reaching 222.0% in Q1. All large-cap AI tokens experienced gains, with AIOZ Network (AIOZ) leading the pack at 480.2% and Fetch.ai (FET) following closely at 378.3%. 

Even the lowest gainer in the AI category, OriginTrail (TRAC), returned a respectable 74.9% during the quarter, indicating the overall interest in AI-related tokens.

Layer 1 Tokens Trail Behind

The decentralized finance (DeFi) narrative delivered moderate returns of 98.9% in the first quarter. In late February, DeFi returns were boosted by the Uniswap (UNI) fee switch proposal. DeFi tokens that performed well included Jupiter (JUP) with gains of 125.7%, Maker (MKR) with 121.2%, and The Graph (GRT) with 111.0% QTD.

In contrast, the Layer 1 (L1) narrative delivered relatively lower profitability with 70.0% returns in Q1 2024. While Solana (SOL) garnered attention as a popular memecoin chain, the top-performing large L1 cryptocurrencies were Toncoin (TON) and Bitcoin Cash (BCH) with gains of 131.2% and 130.5%, respectively. 

Bitcoin (BTC) achieved a 65.1% gain, reaching new all-time highs, while Ethereum (ETH) posted a more modest 53.9% increase, despite the anticipation surrounding US spot Ethereum ETF applications.

Layer 2 (L2) emerged as the least profitable crypto narrative in Q1, with a relatively lower gain of 39.5%. Established Ethereum L2 solutions underperformed, with Arbitrum (ARB) returning 5.6%, Polygon (MATIC) seeing a 1.2% gain, and Optimism (OP) closing the quarter with a slight decline of 1.2%. However, Stacks (STX) and Mantle (MNT) recorded relatively strong returns of 142.5% and 95.8% QTD, respectively.

Memecoins

As of this writing, Dogecoin (DOGE), the largest memecoin by market capitalization, is trading at $0.1745. Over the past 24 hours, it has experienced a price correction of nearly 7%. In the last month, Dogecoin has shown limited bullish momentum, with a marginal gain of only 0.7% during this time period.

Featured image from Shutterstock, chart from TradingView.com

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Dogecoin Hits Major Roadblock As Whales Go On Massive Selling Spree

The Dogecoin (DOGE) price looks at risk of further declines as on-chain data show that the meme coin’s largest holders are securing profits. This follows DOGE’s recent price surge, which saw the crypto token rise to a new three-year high of $0.22. 

Dogecoin Witnesses Wave Of Profit-Taking

Data from the market intelligence platform Santiment shows a drop in the number of Dogecoin holders holding between 10 million and 100 million DOGE tokens. This suggests that some holders have offloaded their tokens to secure profits from DOGE’s recent price gains. 

This wave of profit-taking looks to have become a pattern among DOGE holders, as further data from Santimemt showed that these whales also instantly booked their profits just after DOGE enjoyed an upward trend earlier in March. Bitcoinist even reported then of a Dogecoin whale that offloaded 86 million DOGE tokens on the market. 

Considering the magnitude of these whales’ holdings, their actions are bound to exert much selling pressure on the DOGE token. That explains why the meme coin has steadily declined since rising to as high as $0.22 last week. Interestingly, Santiment, in an X (formerly Twitter) post, had recently warned of an impending sell-off by these whales. 

The crypto analytics platform noted how major dormant whales were moving their Dogecoin holdings back into circulation, which usually suggests they are getting ready to sell. Meanwhile, members of the DOGE community seem unfazed by the recent price dip, with many of them seeing it as an opportunity to accumulate more of the meme coin.

The Whales Will Soon Return  

Dogecoin whales are expected to return and position themselves again once this wave of profit-taking by them is done. Besides taking profits, these whales also see this period as an opportunity to invest in DOGE at the market bottom and in anticipation of future price gains. 

Despite this recent correction, there looks to be a lot of bullish momentum on the largest meme coin by market cap, especially with analysts predicting that it could rise to $1 in this market cycle. In the short term, Dogecoin is also expected to make another run soon, with significant events coming up for the meme coin this April.

The foremost US exchange, Coinbase, is set to launch Dogecoin futures for its institutional clients on April 29. This move could cause new money to flow into the meme coin’s ecosystem and spark a price surge. DOGE Day is also happening on April 20, which will put the spotlight on the crypto token and possibly impact its price positively. 

At the time of writing, DOGE is trading at around $0.18, down over 6% in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin price chart from Tradingview.com