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The Dogecoin price edged down 0.5% in the last 24 hours to trade at $0.4159 as of 7:15 a.m. EST on a 6% jump in trading volume to $10.5 billion.
The DOGE meme coin may have better times ahead as Raoul Pal, the former Goldman Sachs executive, turns bullish on the largest meme coin by market cap.
Pal pointed out a wedge pattern on the monthly chart, suggesting that DOGE could experience gains similar in magnitude to the recent 377% surge in a month by XRP.
He shared this analysis with his 1.1 million followers on X, noting that a wedge pattern, characterized by converging trend lines, typically signals a bullish breakout if the price rises above the upper trendline.
Dogecoin Price Gears For A Breakout Above The Symmetrical Triangle
The DOGE/USD 4-hour price action shows a symmetrical triangle pattern, signaling a period of consolidation with tightening price action. Currently trading at $0.4159, the price is nearing the apex of the triangle, indicating that a breakout is imminent. Symmetrical triangles normally resolve in the direction of the prevailing trend, and given the prior uptrend, a bullish breakout is likely.
If this occurs, the price could target $0.45, representing a potential 7-8% increase. However, a breakdown below the lower trendline could push the price toward $0.33.
DOGEUSD Analysis Source: Tradingview
The Relative Strength Index (RSI) is at 48.28, hovering near the neutral zone, which suggests the market is neither overbought nor oversold. If a breakout occurs, this indicates the potential for further upward movement.
Additionally, the price remains above the 50-period moving average (green line) and the 200-period moving average (blue line), reinforcing a longer-term bullish trend for the Dogecoin price. The 50-period moving average has provided consistent support, bolstering the likelihood of upward momentum.
While the chart doesn’t explicitly show volume, a breakout is expected to be accompanied by increased trading activity. A spike in volume would confirm the breakout’s direction. Traders should watch for a move above the triangle’s upper trendline for confirmation of bullish momentum, with a target of $0.45.
Conversely, a break below the lower trendline would invalidate the bullish outlook and signal a potential downside toward $0.33. The overall setup suggests that Dogecoin is primed for significant movement, with the broader crypto market’s bullish sentiment acting as a catalyst.
Crypto All-Stars Presale Surges Toward $9 Million – Less Than 16 Days Left
Investors looking to diversify their portfolios with promising new projects may want to consider Crypto All-Stars (STARS), which has already raised over $8.4 million in its presale.
ClayBro, a well-known crypto YouTuber with more than 130K subscribers, predicts that STARS could see a 10X surge after its launch.
Crypto All-Stars stands out with its innovative MemeVault protocol, allowing users to stake multiple meme coins in one place for the first time. This breakthrough provides a simplified and efficient way for meme coin investors to grow their holdings.
To start with, the platform will support staking for popular meme coins like Dogecoin, Shiba Inu, PepeCoin, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk, with plans to expand the list to meet the demands of the growing meme coin market.
Investors can also stake their STARS tokens for a huge 325% annual percentage yield (APY).
The Game-Changer: Meme Vault
The Meme Vault is a staking protocol where you can earn $STARS tokens by staking popular meme coins. 🪙
Never before has there been a way to earn rewards like this in the meme coin world!
— web3telepath (@web3telepath) August 15, 2024
The STARS presale will close in less than 16 days. Tokens can currently be purchased for $0.0016782 each using BNB, USDT, or a bank card.
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