Dogecoin 'Gearing Up For Next Big Rally': This Is The Price Traders Are Targeting

Dogecoin (CRYPTO: DOGE) may be gearing up for a breakout soon, defying its recent underperformance against rival meme coins.

Dogecoin (CRYPTO: DOGE) may be setting itself up for a breakout soon, despite lagging behind other meme coins recently.

What Happened: Crypto chart analyst Ali Martinez noticed 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."

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History often repeats itself, and #Dogecoin might be doing just that.A familiar pattern: breakout from a multi-year descending triangle, 200% surge, 60% retracement—then a bull run. After a recent 65% pullback, $DOGE could be gearing up for the next big rally! pic.twitter.com/c93A4Fec7V

— Ali (@ali_charts) October 6, 2024

Crypto Daily Trade Signals is looking for 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 millionaires are increasing – investors with $1M in DOGE revealed!

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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