Dogecoin Forms Pattern That Could Trigger 230% Rally To $0.42

The cryptocurrency market is witnessing another rebound. Dogecoin (DOGE) has rallied 4.2% in the daily charts, 9% in the weekly charts, over 22% in the last two weeks, and 3.5% over the previous month. DOGE’s price has also increased by over 62% since late July 2023.

Also Read: Dogecoin: When Will Elon Musk’s X Enable DOGE Payments?

The latest market surge is likely due to positive economic data in the US for Q2 2024. The American GDP grew 2.8% in the second quarter of this year, outshining expectations. The development has increased the probability of an interest rate cut from the Federal Reserve. Traders anticipate an interest rate cut from the central bank by September 2024.

Analyst predicts Dogecoin to rally 230%

According to prominent cryptocurrency analyst Ali Martinez, DOGE is forming a descending triangle. Historically, this pattern has led to a 140% to 230% rally. Ali highlights that the rally is usually followed by a 56% to 60% retracement before entering a bull run. Rallying by 230% from current levels will take DOGE’s price to $0.42.

According to the researchers at CoinCodex, Dogecoin’s (DOGE) price will dip over the next few days. The platform predicts DOGE to slide to $0.11 by early August.

Also Read: Dogecoin To Surge 18,000% As It Claims A New Golden Cross In 4 Years

Changelly also paints a bearish picture for DOGE. The platform anticipates the memecoin to hit $0.10 on Aug. 5, 2024. According to Changelly’s analysis, DOGE will hit a maximum price of $0.131 in 2024, which it may attain in October.

There is also a lot of talk about Dogecoin being accepted by X’s upcoming payment feature. The move could lead to a significant rise in the adoption of the memecoin, and consequently its price. Despite the rumors, there is no confirmation if X will enable DOGE payments for its upcoming platform.