The Dogecoin price could be on the cusp of a major breakout. Popular crypto analyst Ali Martinez reveals that the largest meme coin is replicating a familiar pattern from 2020 – one that paved the way for a 28,770% $DOGE rally.
In 2020, Dogecoin broke out of a multi-year descending channel in the weekly time frame, followed by a consolidatory phase after which the meme coin climbed to a new all-time high of $0.73.
Martinez reveals that $DOGE is currently mirroring the same bullish pattern, having already breached a multi-year descending channel and displaying a consolidatory price action since. He believes that the stage is set for another explosive Dogecoin bull run, which could potentially see the $DOGE price trading above $10.
In the meantime, investors continue to seek small cap alternatives to Dogecoin. A new Solana-based meme coin, Smog, has captured their attention, thanks to its explosive 4500% rally and its upcoming airdrop.
Dogecoin Price Set For Breakout – Is $10 A Possibility For $DOGE?
The Dogecoin price is currently trading at $0.083 with a market capitalization of $11.9 billion. Doge has been sidelined for most of the current bull market, rallying by only 4% over the past 30 days.
In the lower time frame, the top meme coin is even showing a bearish trend, declining by 4% over the past week. With the broader crypto market showing signs of weakness as well, $DOGE falling below the $0.080 mark is certainly a possibility.
However, the bulls are not alarmed. Typically in a bull market, the meme coin asset class is one of the last ones to rally. While Solana-based meme coins such as Bonk, Wen and Smog have indeed shown impressive bull rallies, other top meme tokens such as Shiba Inu are also showing consolidatory price action.
According to popular trader Crypto Tony, who has over 400k followers on X, Dogecoin will remain range-bound between $0.074 and $0.105 in the coming weeks. However, once it breaches the upper trend line of the channel, it could display an explosive bull rally towards a new all-time high, as highlighted by Ali Martinez.
The Dogecoin technical analysis also supports this projection. The bulls need to flip two crucial resistances into support to kickstart the “Doge season” – the 30-month Simple Moving Average at $0.104 and the 200-week Simple Moving Average at $0.103.
Another famous influencer Crypto Wizard, who has over 600k followers on X, reveals that he is extremely optimistic about Doge, disclosing that it is the only major altcoin he holds aside from Injective. According to him, Dogecoin is one Elon Musk tweet away from breaking out.
The bulls also continue to hope that Doge will feature as a part of Musk’s X platform in the coming days.
However, it is important to note that Dogecoin was a relatively obscure cryptocurrency in 2020 with a much smaller valuation. With its close to $12 billion market capitalization, another 28,770% rally would be hard to replicate, even for Elon Musk’s favorite cryptocurrency. Nevertheless, most analysts agree that Dogecoin could hit the $1 mark before the end of the current bull cycle.
Is New Solana Meme Coin Smog The Best Alternative To Dogecoin?
As previously mentioned, Dogecoin will continue a consolidatory price action in the coming weeks. However, dragon-based meme coin Smog is continuing its bullish trajectory.
After launching on the 7th of February on the new Jupiter Exchange, $SMOG quickly skyrocketed from its listing price of $0.001419 to an all-time high of $0.089 – displaying a remarkable 6172% growth. Despite a pull back since, the new meme coin is currently trading at $0.066 – up over 4500% from its starting price – with a market capitalization of over $53 million.
One of the key factors behind Smog’s success is its ambitious airdrop campaign, which promises to deliver the “greatest airdrop in Solana history”. According to the project’s roadmap, the airdrop aims to reward over 10,000 loyal community members.
Interested investors simply need to purchase and hold $SMOG. They also need to register for the airdrop on Zealy by following a few simple steps, after which they can also complete daily quests to boost their chances of getting a large $SMOG allocation. According to Smog’s twitter account, over 400,000 quests have already been completed.
After its impressive launch on Solana, Smog has also launched on Ethereum. Investors can buy Smog with ETH at a 10% discount, which also allows them to stake their holdings and earn an APY of 42%. However, this discount is set to end soon.
Visit Smog Website
This news is republished from another source.
