With October upon us, traders have showcased high hopes for the crypto market. Although it has yet to truly live up to those, there is no denying the present potential. That could be echoed in regard to the leading meme coin. Indeed, Dogecoin is currently facing a new trend that could have DOGE surging a remarkable 200%.
The crypto has failed to make any major moves in recent months. That lack of activity has the market anxiously awaiting when the tide could shift for the asset. Now, one prominent cryptocurrency analyst is expecting that patience to pay off soon. Moreover, he has noted that the breakout could be unprecedented.
Also Read: Ripple (XRP) & Dogecoin (Doge) Price Prediction For Mid October 2024
DOGE to Surge? 200% Increase Could be Waiting in the Wings
The crypto market has always been led by its most prominent creation; Bitcoin. The token has often steered the ship, and acted as a rising tide that lifts all tokens. For the meme coin sector, Dogecoin has taken up that position. However, it certainly hasn’t done much to inspire belief in that fact so far in 2024.
The leading meme token has been rather volatile. Over the last 30 days, it is up more than 18%, according to CoinMarketCap. However, in the last seven days, it is down almost 6% to currently trade at its $0.112 level. Yet, one expert has noted that the asset could be poised to turn upward in a monumental development.
Also Read: Dogecoin Whales Buy Over 1 Billion DOGE, Price Spikes 6%
Cryptocurrency analyst Ali Martinez took to X (formerly Twitter) to discuss Dogecoin, and how a new trend could have DOGE eyeing a 200% surge. Specifically, Martinez observed a potential breakout from “a multi-year descending triangle,” that would result in massive gains for the token.
Martinez notes that the asset would experience a “200% surge, 60% retracement- then a bull run.” Additionally, he noted that a recent 65% pullback has the token potentially “gearing up for the next big rally. That is massive for DOGE investors. It could be the beginning of a massive increase that will define its 2024.