Recently, the crypto markets experienced a downturn, the total market capitalization has dropped by 7% in two days to $2.62 trillion. Even Bitcoin, the largest cryptocurrency, plummeted from $71,300 to $66000, affecting the top altcoins, with bears starting to dominate the market. Despite this, the market is swirling high on the meme coins.
Ali Martinez, a prominent crypto analyst, has shared interesting insights on the Dog-themed coin Dogecoin, igniting a fresh bull run among investors. Here’s the meme season alert from the analyst.
Will DOGE Hit a New ATH outpassing market sensation DEGEN?
Starting with Dogecoin, Martinez believes that despite the emergence of new meme coins, DOGE remains a crucial player in the crypto space. Drawing parallels to a historic pattern observed from 2018 to 2021, analyst suggests that DOGE could potentially be on the verge of hitting a new ATH.
He explains his views with a historical example, in the past, after the DOGE price ended its consolidation period in 2021, it produced a massive price increase, rising from $0.002 to an AT of $0.70. On a similar note, this time, the DOGE price has consolidated for three years from 2022 to 2024 and the breakout seems to have begun. Therefore, Dogecoin could increase by more than 5,000% to reach a new ATH.
Despite its current price of $0.20 and a recent 6.5% dip, he sees DOGE as an attractive investment option. He also cautions investors not to sway for some shinning coins like Degen which might be a trap and will not stand the market volatility like DOGE. Moreover, Dogecoin’s limitless supply and PoW consensus process make it more secure and resilient than any other meme coin in crypto.
Current analysis of DOGE
While Martinez seems bullish on Doge there is a possibility of a further low in Doge price as per the current market scenario. If Dogecoin manages to break above the resistance level at $0.188, it will touch new highs. However, this could also lead to a test of the next resistance level at $0.206 in the current week. If the price holds steady around this level, it sets the stage for further upward movement, potentially testing the upper resistance level of $0.2275 shortly.
On the other hand, if the bears maintain control of the market, Dogecoin’s price may struggle to sustain its momentum and could fall to test the lower support level of $0.169 over this month. This would indicate a lack of buying interest and a potential shift in sentiment towards the downside.
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properly.
