Dogecoin (DOGE) Price Poised for Bullish Breakout as Memecoin Mania Hits New Peaks

2 months ago 18

Dogecoin coin with a bullish market symbol on a green chart background, hinting at a potential price surge."

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The notable emergence of meme coin mania in several chains—led by Tron (TRX), BSC, and Toncoin (TON) networks—is a staunch reminder that Dogecoin (DOGE) ‘s bullish breakout is on the horizon. As the top meme coin project, backed by a strong online community of more than 7.4 million holders and secured through the legendary Proof-of-Work (PoW) consensus method, it is safe to assume a fresh bull run will eventually happen in the near term.

The large-cap meme coin, with a fully diluted valuation of about $14.3 billion and a daily average traded volume of around $525 million, has gained around 2.3 percent in the past 24 hours to trade about $0.098, as Bitcoin price rebounded above $55k on Monday.

However, today’s rebound is a drop in the desert as the meme lord has dropped over 55 percent in the past five months, amid low demand for crypto assets.

Short-term Bullish Sentiment for Dogecoin

From a technical standpoint, Dogecoin’s price has been forming a macro falling wedge in the past five months, which is most likely to result in a major bullish uproar in the coming months. Moreover, the meme lord has formed a fractal pattern similar to the previous macro bullish parabolic breakout.

According to popular crypto analyst Ali Martinez, the $DOGE price will immediately rally towards $0.15 if it consistently closes above 10 cents in the near term.

Fundamental Aspects

Naturally, our official mascot will be the Doge

— Elon Musk (@elonmusk) September 9, 2024

Dogecoin network has one of the strongest online communities led by tech billionaire Elon Musk. The PoW-secured altcoin, with a total hash rate of about 1.17 PH/s, recently reached a major milestone of over 348 million transaction counts.

The Dogecoin community is eagerly awaiting the final integration of the Dogecoin and X platform after the launch of X payments. Musk has already reiterated several times that Doge will remain the favored crypto project.

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