Dogecoin to $10? New Rival Smashes $2.7 Million Milestone
Dogecoin’s dedicated “Doge army” is questioning whether the price of their favorite meme coin will ever surpass the community’s hopeful $1 target, not to mention the even more ambitious $10 goal forecasted by analyst Ali Martinez in February.
The price action of #Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, $DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.
Currently, #DOGE appears to be mirroring this pattern: having… pic.twitter.com/69yXnlYRJd
— Ali (@ali_charts) February 23, 2024
Today, the world’s biggest meme coin appears to have taken a heavy hit. Dogecoin ($DOGE) shed 8.4% in the last 24 hours, although its seven-day, fortnight, and one-year readings are back in the green with respective gains of 1%, 11% and 60%.
The parabolic rise Martinez predicted would happen in April never materialized.
Market leader Bitcoin ($BTC) did post an all-time high of $73,737.94 on March 14, but its price has since pulled back 13.5% to $63,795 as of this writing.
Crypto’s failure to breakout into another bull run was largely due to macroeconomic effects including purse-tightening interest rate policies by the Federal Reserve and global uncertainty due to war.
Still, a look at Dogecoin’s trading chart suggests there is some space to possibly reach the $0.20 mark, a vital foothold for the token.
According to TradingView data, the token’s current price marks a pivotal moment that could send it either way.
Through mid-June to late-mid-July, the token faced stiff resistance at this level, as indicted by the horizontal red line, but managed to briefly recapture $0.14 on July 22 before spiralling down to its current level.
However, a rising relative
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