Dogecoin (DOGE) is on fire, surging 11% in the last 24 hours to reclaim the $0.40 mark after a brief dip to $0.36. This rally has cryptocurrency traders buzzing, with many predicting even more upside for the beloved meme coin.
At the time of writing, DOGE is trading at $0.399, a significant rebound from its recent dip. This surge comes after a period of consolidation, which seasoned crypto trader Altcoin Sherpa sees as a typical pattern for the meme coin. Sherpa remains optimistic about DOGE, holding his position and citing Elon Musk’s influence as a key factor in its bullish potential.
Analyst Ali Martinez echoes this optimism, highlighting the $0.35 support level as critical for a potential 45% rally. On shorter timeframes, he observes a bull flag pattern, suggesting that if the $0.35 support holds, DOGE could surge to $0.56, representing a substantial 45% increase.
Adding fuel to the fire, trader Master Kenobi boldly predicts that Dogecoin could eventually challenge Binance Coin (BNB) and Solana (SOL) for a top three spot in the cryptocurrency market. He believes that the psychological impact of DOGE achieving these milestones, combined with its rapid climb, could attract a significant wave of new investors and strengthen its market position.
Data from IntoTheBlock supports this bullish sentiment, revealing a remarkable increase in transaction volume by 41.1% and a 34.9% spike in active addresses within a single day. Notably, high-value transactions surged from 3,230 to 4,997 in the same period, indicating significant investor activity.
Despite the recent pullback, Dogecoin has surged a staggering 97% over the past week, with 96% of holders currently sitting in profit. Martinez, emphasizing the importance of patience and conviction, reminds traders of Dogecoin’s past massive rallies, each followed by significant corrections. He points to Dogecoin’s 9,470% surge in 2017, which experienced two major corrections of 40% and 84%, and its 30,700% rally in 2021, again followed by pullbacks of 46% and 53%.
The influence of meme coins is expected to be a hot topic at Benzinga’s upcoming Future of Digital Assets event on November 19. As Dogecoin continues to climb, investors are eager to see if this latest rally will propel it to new heights and solidify its place in the cryptocurrency landscape.
