The last month saw fervent celebrations among Dogecoin proponents as the cryptocurrency recorded a quite respectable 35% surge. However, while that may be ground for jubilation, it’s noteworthy that alternate cryptocurrencies such as Solana, Chainlink, and Cardano (ADA) have surpassed this feat, registering increases of 170%, 118%, and 55%, respectively, within the same period.
Renowned cryptocurrency analyst, Rekt Capital, suggests that Dogecoin’s rally remains far from over. Indeed, according to Capital’s analysis, there’s an impending bullish breakout. Dogecoin reportedly succeeded in bursting out of a declining channel pattern.
Rekt Capital has been dutifully documenting every move in Dogecoin’s trajectory in a comprehensive thread that began in August. His updates shed light on Dogecoin’s price fluctuations, represented in a weekly DOGE/USD chart.
The chart reveals a descending channel starting from the last quarter of 2022. Since then, Dogecoin has exhibited a pattern of lower highs and lower lows, signifying a bear-dominated market. Yet, from the middle of October, the market began to shift, and the possibility of a breakout above the channel became glaringly evident.
Currently, Dogecoin has manifested four successive bullish candles, dramatically bouncing back from the channel’s bottom. Rekt Capital asserts that a weekly closure over the channel suggests a pivotal shift in the trend. This prediction appears ever more promising as the crypto has now confirmed a breakout over the resistance trendline.
Bitcoin (BTC), another prominent player in the crypto world, is presently trading at $37.081.
What does the future hold for Doge?
As per Rekt Capital’s prior analysis, if a robust breakout occurs, it suggests a price rally up to the channel’s highest high at $0.15. Currently priced at $0.07827, Dogecoin is already boasting a 39% ascend from its October low. Should the rally to $0.15 materialize, it would denote more than 90% growth from the current price and a staggering 163% rise from its October low point.
Dogecoin managed to smash through $0.076 a few days back as crypto whales diligently strived to instigate a rally. Data from IntoTheBlock affirm that whales poured more than $2 billion into DOGE within 30 days. The meme coin also garnered rising social dominance, indicating optimistic short-term sentiments. Famed anonymous crypto analyst, Kaleo, thinks crossing over $0.08 will trigger an even stronger rally.
Despite these prospects, Dogecoin, which currently ranks 9th in cryptocurrency market cap, is still considerably below its record peak of $0.65.
As we continue to monitor and report on the exciting and sometimes volatile world of cryptocurrency, we realize that these interesting times extend beyond the crypto market to other thriving digital domains. In our pursuit to cover the world of digital domain, we found that online casinos have found a new surge of interest, particularly from Canada.
While cryptocurrency and online gaming may seem different, they share a commonality – both are digital entities that thrive in the virtual world. We encourage you to check out our list of the top online casinos for this month here at West Island Blog. Entertain yourself with a multitude of games, slots, and sports betting options while we continue to keep you updated with the latest trends in the crypto world.
