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- Memecoin mania could be on the horizon after the gains we have made this week as of this writing.
- Dogecoin is expected to repeat the previous success after the breakout on the lower timeframes.
The memecoin cryptocurrency community has had a strong week, with the top seven memecoins posting impressive gains.
baby [PEPE] Leading the way, achieving higher trading volume than Shiba Inu [SHIB] And Dogecoin [DOGE] total.
Dogs [WIF] and Floki Ino [FLOKI] Dogecoin led the pack with gains of 41% and 39% respectively, while Dogecoin lagged behind with gains of 11%. This begs the question: Can Dogecoin break the $0.12 barrier and hold its price?
Domain hacking
On the 4-hour time frame, Dogecoin [DOGE] It managed to break out of a tight range after liquidity swept below its recent low with the price now moving in an uptrend.
With the broader crypto market poised for a potential boom in Q4 2024, DOGE has already been showing signs of further upward movement.
Source: TradingView
Lower timeframes suggest that DOGE could also break out on higher timeframes, reinforcing the bullish outlook.
Daily and weekly time frames
After the breakout on the 4-hour chart, DOGE appears ready to break the bearish trend line on the daily chart.
The price has formed a double bottom, a strong signal that DOGE could once again break above the $0.12 level and hold it. While DOGE may not outperform smaller meme coins, it is generally a safer bet with less volatility.
Source: TradingView
On the weekly chart, DOGE also broke out of a range and rejected a retest level consistent with a parallel channel that has been respected for the past four years.
This indicates that the DOGE market is at a critical level, providing a strong opportunity to add it to your portfolio.
Source: TradingView
Dogecoin Market Courses
DOGE is currently going through its third market cycle, and the ongoing consolidation process along the trend line is similar to previous cycles.
Historically, after such consolidations, DOGE has risen significantly, and this is expected to happen again in Q4 2024. This suggests that DOGE may break out and maintain a price above $0.12.
Source: TradingView
On-chain data analysis
On-chain data supports the bullish outlook for DOGE. Currently, 74% of holders are profitable, and the largest holders control 62% of the supply.
Over the past seven days, the value of transactions exceeding $100,000 reached $1.2 billion, with total net exchange inflows reaching $23.52 million. Among holders, 67% held the coin for more than a year, 31% for 1-12 months, and only 2% for less than a month.
Source: IntoTheBlock
On-chain signals indicate bullish market sentiment, with a summary rating of 4 (Mostly Bullish).
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Money is 3.25% up, Focus is 0.13% up, Large Trades is 0.60% up, and Exchange Signals is also bullish, with a rating of 1.
Source: IntoTheBlock
Overall, indicators suggest that DOGE is likely to break and sustain above the $0.12 level as the crypto market continues to consolidate.
