Date: Fri, Nov 22, 2024, 09:50 AM GMT
The cryptocurrency market has been on a bullish streak since Donald Trump’s victory in the US elections on Nov 5, 2024. Bitcoin (BTC) has made impressive gains, recently hitting a new all-time high of $99,502. Along with Bitcoin, other cryptocurrencies are also experiencing significant growth.
Dogecoin (DOGE) is one of the standout performers, surging by an impressive 184% over the last 30 days.
This momentum is further fueled by Trump’s announcement that Elon Musk and Vivek Ramaswamy will lead the newly formed “Department of Government Efficiency” (DOGE), sparking renewed interest in the memecoin.
Moon Phase Pattern:
The prominent chart analyst, @TATrader_Alan, recently shared an intriguing observation about Dogecoin’s price action. According to the analysis, Dogecoin seems to be repeating a “Moon Phase” pattern, which has previously signaled significant price surges. The pattern appears to have a cyclical nature, where DOGE experiences consolidation followed by explosive price rallies, as seen in past years.
The most recent chart shows Dogecoin’s trajectory closely mirroring previous “Moon Phase” cycles, where periods of consolidation were followed by substantial upward movement. Given that this pattern has successfully predicted previous rallies, there is speculation that Dogecoin could be on the verge of another breakout.
Could DOGE Reach $7?
As of now, the market cap of Dogecoin (DOGE) is approximately $57 billion, with its current price standing at $0.39. The last time DOGE reached its all-time high of $0.73, its market cap stood at around $98 billion.
To reach a target of $7, the market cap would need to rise significantly—by roughly 12 times the current market cap. This would imply a market cap of near $700 billion, which is a notable challenge in the current market.
While the “Moon Phase” pattern is certainly interesting and could signal strong upside momentum, achieving a $7 target would require a combination of strong demand, bullish sentiment, and a massive surge in Dogecoin’s market cap.
Considering these factors, while the idea of Dogecoin reaching $7 is intriguing, it appears quite difficult without significant market shifts. The $700 billion market cap target is a major hurdle that would be needed for a such rally to materialize.
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