Leading crypto analysts and traders are bullish on Dogecoin’s (DOGE) upward trajectory toward printing this bull cycle’s new peak.
In a recent X update, Pseudonymous trader DonAlt informs his 591.7K followers that DOGE memecoin could rally 624% to test uncharted territory. The trader recounts acquiring DOGE when hovering at $0.12 and anticipating it could surge to $1 provided the crypto market remains afloat.
While DonAlt is optimistic about the potential DOGE rally to print a new all-time high (ATH), he admits that the memecoin is inherently useless and capable of retarding trade.
In the Friday, October 18 update, DonAlt accords DOGE a few weeks to establish an uptick in momentum. The analyst warns failure to garner bullish steam would lead to imminent exit.
DonAlt asserts that a big rally by the DOGE could unravel a huge boost for the entire digital asset market. The trader is confident that upside momentum would reignite excitement across the digital assets.
The analyst offers the ground for the DOGE rally, which is the incredible pumps and player-versus-player (PVP) experience trench meme warfare. He considers positioning this cycle into high gear and attracting normies mandates for revisiting earlier high-profile pumps.
DonAlt decries why individuals commit resources to investments that could plunge to zero value in the future. While the analyst reiterates having zero long-term faith in the memecoin, he considers DOGE decently positioned to offer flare for crypto.
The analyst warns that DOGE could still fizzle since nothing appears guaranteed, and the memes will plunge to zero value in the long run. Despite the reservation, DOGE has been 30.6% up in the past month regarding exchange hands at $0.1464 per CoinGecko data.
Is Elon Musk’s Reference Fueling DOGE Rally?
Market analysts weigh on the DOGE flashing green candles to set a 30% jump in the past month. Meanwhile, the Dogecoin rally coincides with Bitcoin’s (BTC) commendable growth. Partially, the DOGE uptrend arises from the latest Elon Musk’s reference while addressing the Pennsylvania rally in support of Republican candidate Donald Trump.
Market analysts acknowledge DOGE is testing the crucial weak-high fueled by solid buyer momentum. As such, several Breaks of Structure (BOS) signals DOGE potential breakout. Notably, the present market cap is at $21.439 B, above the $16-17B resistance level.
An earlier note by another analyst @Bluntz_Capital shows a similarity in DOGE and Bitcoin’s run. The analyst considers Dogecoin running the hardest and vertically as BTC trades at peak levels.
The Thursday, October 17 prediction considers the rally will not halt despite DOGE up by 2.0% to trade at $$0.146 as Bitcoin changes to $68,324.85 at 10:51 am press time. The DOGE jump emerges following the indirect reference by Musk during the Pennsylvania town hall address.
Degens is acting upon Musk’s mention of DOGE when expressing support for Trump. The market portrayed an adrenaline rush as the memecoin rose 30% in the past two weeks to extend the bullish trajectory. Notably, Doge’s $21.4 billion market cap doubled the second-placed Shiba Inu (SHIB) value at $10.98 billion per CoinGecko.
Dogecoin Price Movement
Dogecoin blasts past the symmetrical triangle pattern on Friday, October 18, to signal the latest uptrend. The meme-coin appears destined towards the $0.15 overhead resistance, likely translating towards retesting the breakout level. If the DOGE price rebounded to surpass the breakout level, it would have bulls flipping it into support, with prospects surging to $0.18.
With a price spike of 28.30% in the past week, Dogecoin outperforms the global crypto market by 2.30%. The positive sentiment is ultimately behind the 37.20% increase in intra-day trading volume to $2.095 billion. While such suggests a rise in market activity, the price is still 80.91% away from matching the DOGE peak price of $0.7316.
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