Date: Thu, Dec 12, 2024, 12:39 PM GMT
In the cryptocurrency market, Dogecoin (DOGE), the top memecoin, continues to make headlines. Following Donald Trump’s victory in the U.S. elections and his appointment of Elon Musk to lead the newly established Department of Government Efficiency (D.O.G.E.), Dogecoin has witnessed an explosive surge.
Over the past 60 days, DOGE has rallied by an impressive 271%, now trading at $0.4152 with a market capitalization exceeding $61 billion. As DOGE gains momentum, analysts and traders are eyeing the potential for an even larger rally in the coming weeks.
Previous Bull Run’s Round Bottom Breakout
Renowned crypto analyst @TATrader_Alan recently highlighted that Dogecoin has consistently formed a “Round Bottom” pattern in each of its previous cycles. According to his analysis, the current Round Bottom has already broken out, signaling the possibility of a massive rally on the horizon.
Historical data from the chart shows that similar patterns in 2017 and 2021 led to exponential price increases, with DOGE achieving new all-time highs after breaking out of the Round Bottom formation.
Technical Outlook
Dogecoin’s current rally is supported by strong bullish momentum. The chart illustrates the breakout above the green resistance line, confirming the completion of the Round Bottom pattern. With DOGE now trading above this key level, the next major targets lie at $0.50 and $0.75, representing potential gains of 20% and 80% from its current price.
If bullish sentiment persists, DOGE could even target $1.00, a milestone that would further solidify its position as a leading cryptocurrency.
Notably, @TATrader_Alan has highlighted bigger targets of $10 and $15 for DOGE. However, achieving these targets will be challenging, as they would require a massive increase in market capitalization, potentially surpassing historical records.
Big Targets Ahead?
With market conditions favoring altcoins and a drop in Bitcoin dominance, Dogecoin appears poised for a significant upward movement. The continued adoption and positive sentiment surrounding DOGE, driven by influential figures and community support, could act as catalysts for another historic rally.
While the potential for big targets is undeniable, investors are urged to remain cautious and conduct thorough research before making any financial commitments.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.