Altcoin
Is The Dogecoin Price Rally Over? Analyst Reveals Why There’s Still Room To Run
The Dogecoin price correction extended throughout the weekend, teasing what might be the steady end of a powerful rally in the previous four weeks. The popular meme-based cryptocurrency dropped to a low of $0.3431, retreating from a recent high of $0.4265. This 19.55% decline has sparked speculation on social media about the sustainability of its gains and whether the momentum that fueled its rise is actually fading.
This Dogecoin price decline can be easily attributed to a decline in interest among market participants. Social media sentiment, a key driver of Dogecoin’s popularity and price movements, has shown signs of weakness. However, according to a crypto analyst, Dogecoin still has room to run, especially in terms of indicators surrounding its popularity.
Interest In DOGE Yet To Reach Its Peak
Despite its status as a large cryptocurrency, Dogecoin’s price uptick is mostly tied to social sentiment among traders and not by any demand for its utility or parent company. This reliance on sentiment creates a cyclical pattern: periods of heightened interest often lead to price surges, followed by inevitable corrections when attention begins to wane.
The latest Dogecoin rally has been caused by a widespread interest tied to the US presidential election, Donald Trump, Elon Musk, and comical associations with the Department of Government Efficiency (D.O.G.E.). Social media played a significant role in amplifying this attention as mentions of Dogecoin surged across platforms. As it stands, it is looking like the interest is starting to fade, with the Dogecoin price correction relaying this trend well.
According to crypto analyst Ali Martinez, who highlighted this trend on social media platform X, the Dogecoin popularity hasn’t even reached its peak yet. The analyst shared a chart depicting the social media interest in Dogecoin over time. Although the recent rally has led to a peak in interest, it is yet to rival that of the interest in 2021. Keeping this in mind, Martinez highlighted that the Dogecoin price has way more room to grow this cycle.
What’s Next For Dogecoin Price?
Interestingly, the recent Dogecoin price rally and subsequent correction have led to the creation of a bull flag pattern on the 1-hour candlestick timeframe. This pattern, which is associated with a continuation of the prevailing trend, indicates that the Dogecoin price is about to break to the upside and continue its rally. Now, all that needs to happen is for the Dogecoin price to close above $0.40, which could solidify the breakout from the bull flag. Ali Martinez highlights a price target of $0.85 in this case.
At the time of writing, the Dogecoin price is trading at 0.3691, meaning it has increased by about 7.6% since it reached the $0.343 low. The resumption of social interest towards the 2021 levels would effectively trigger another leg up in the Dogecoin price.
Featured image created with Dall.E, chart from Tradingview.com
Cryptocurrency prices today sees Bitcoin (BTC) rise to the $91K mark, a $1,000 increase from yesterday’s level. Major altcoins like Ethereum (ETH), Solana (SOL), and Ripple (XRP) have shown steady growth of 1-2% over the past 24 hours. The global cryptocurrency market cap has touched $3.08 trillion, marking a 1% increase since yesterday. Meanwhile, the overall market volume surged to $198 billion, reflecting a 28% jump in trading activity.
Hedera (HBAR), Tezos (XTZ), and Akash Network (AKT) emerged as the top gainers, with their prices soaring by 28-40%. The remarkable rise in Akash Network’s price is attributed to its recent listing on Binance Futures, which boosted investor interest and trading volumes.
Here’s a brief collection of some of the top cryptocurrencies by market cap and their price action on November 19.
Cryptocurrency Prices Today: BTC, ETH, SOL, & XRP Witness Gains
The cryptocurrency market today has shown a positive trend, with most of the top 10 coins trading in the green. Bitcoin (BTC) is now at $91K, reflecting the ongoing bullish momentum. This rise comes alongside key discussions, such as Cardano founder Charles Hoskinson and Ripple CTO David Schwartz talked about Midnight’s advanced privacy technology and XRP’s expanding role in blockchain innovation.
Here’s a brief report on the prices of some major coins today.
Bitcoin Price Today
Bitcoin (BTC) has seen a 1.13% increase in price from yesterday, currently trading at $91,416. Over the past 24 hours, its price ranged between a low of $89,393 and a high of $92,596. For the past week, Bitcoin has been trading within a range of $87,000 to $93,000. The market cap for Bitcoin has reached $1.81 trillion, with a 24-hour trading volume of $75 billion.
According to Sosovalue data, spot Bitcoin ETFs saw an inflow of $165 million last day, with data from BlackRock still pending. This surge in demand comes as MicroStrategy plans to upsize its Bitcoin bet, issuing $1.75 billion in convertible senior notes, further solidifying Bitcoin’s role in institutional investment.
Ethereum Price Today
Ethereum (ETH) is up by 1.88%, currently trading at $3,157. The 24-hour low and high for ETH are $3,052 and $3,225, respectively. Its market cap stands at $380 billion, with a trading volume of $36 billion over the past 24 hours.
However, despite the recent price rise, there was a notable outflow of $15 million from spot Ethereum ETFs on the last day, BlackRock flow data looms. On a positive note, Ethereum founder Vitalik Buterin has praised Starknet’s efforts to improve Ethereum’s scalability, further contributing to its long-term growth potential.
Solana Price Today
Solana (SOL) is currently trading at $242, reflecting a 1.26% increase over the last 24 hours. The 24-hour low and high for Solana are $234 and $248, respectively. With a market cap of $115 billion and a 24-hour trading volume of $8.47 billion, Solana remains one of the top 4 cryptocurrencies by market cap globally.
In recent news, it was reported that Pump Fun sold 105,000 SOL tokens at its all-time high price, adding some volatility to the market. Despite this, Solana continues to maintain its strong position among the leading cryptocurrencies, with its robust network and growing ecosystem driving ongoing interest.
XRP Price Today
XRP has also increased by 1% in the last 24 hours, currently trading at $1.13. The 24-hour low and high for XRP are $1.07 and $1.18, respectively. XRP ranks as the 6th largest cryptocurrency by market cap, with a total market value of $64.59 billion and a 24-hour trading volume of $9.14 billion.
As the XRP lawsuit nears its conclusion, market anticipation is growing around the potential launch of an XRP ETF. XRP pro lawyer Jeremy Hogan has shared his timeline for the XRP ETF, fueling further optimism in the market as investors await key developments in the legal case.
Meme Cryptocurrency Prices Today
DOGE price has surged by 1.15% over the last 24 hours, currently trading at $0.3767. The 24-hour low and high for DOGE are $0.3592 and $0.3799, respectively. With a market cap of $55 billion, Dogecoin ranks as the 7th largest cryptocurrency by market cap. The 24-hour trading volume stands at $8 billion.
On the other hand, there has been no significant change in the price of SHIB in the last 24 hours. It is currently trading at $0.00002486, with a 24-hour low and high of $0.00002415 and $0.00002578. SHIB has a market cap of $14.65 billion, and its 24-hour trading volume is $1.22 billion.
Top Cryptocurrency Gainers Prices Today
Hedera
Hedera (HBAR) has seen an impressive 40% increase, currently trading at $0.1496. The 24-hour low and high for HBAR are $0.1053 and $0.1566, respectively. The market cap stands at $5.67 billion, reflecting strong momentum in its recent price surge. Former Binance CEO and board member of the Hedera Foundation Brian Brooks named among the potential SEC Chair list boosted the prices.
Tezos
Tezos is up by 38%, trading at $1.17. The 24-hour low and high for XTZ are $0.8236 and $1.342, respectively. With a market cap of $1.13 billion, Tezos has gained significant attention in the past 24 hours.
Akash Network
Akash Network has experienced a 28% rise, currently trading at $4.33. The 24-hour low and high for AKT are $3.339 and $4.713. The market cap of Akash Network is $1.08 billion, with strong trading activity boosting its recent price jump.
Top Cryptocurrency Losers Prices Today
Goatseus Maximus
Goatseus Maximus (GOAT) is currently trading at $1.07, reflecting an 11.51% decrease over the past 24 hours. Its 24-hour low and high are $1.0040 and $1.233, respectively, showing some volatility in its recent price action.
MANTRA
MANTRA (OM) is currently trading at $3.876, experiencing a 9% decrease in the last 24 hours. The 24-hour low and high for OM are $3.677 and $4.469, indicating a decline in price from its recent peak.
Peanut the Squirrel
Peanut the Squirrel (PNUT) is down by 8.67%, currently trading at $1.59. The 24-hour low and high for PNUT are $1.53 and $1.78, reflecting a slight decline in its price over the past day.
Moreover, Bitcoin (BTC) is showing strong and positive momentum in the hourly time frame, indicating sustained bullish activity. On the other hand, Ethereum (ETH) moving flat slightly further in the hourly time frame, with altcoins witnessing volatility despite its overall positive trend in the market.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Veteran trader Peter Schiff has stated that the XRP price is set for a parabolic rally, indicating that the crypto could soon enjoy another leg up just following its break above $1. The trader also explained what needs to happen before XRP can enjoy this parabolic rally.
XRP Price Ready For Parabolic Rally
In an X post, veteran trader Peter Brandt said that the XRP price is ready to rip, indicating that the crypto was set to witness a massive move to the upside. Brandt remarked that a massive coil was building up for XRP.
This coil pattern provides a bullish outlook for XRP, indicating that the crypto will enjoy an explosive move that will align with its fundamentals. XRP’s fundamentals are currently bullish at the moment, thanks to several developments.
This includes the fact that the XRP lawsuit could soon be over once the US Securities and Exchange Commission (SEC) Chair Gary Gensler resigns. It is worth mentioning that there was a recent rally above $1, as Gary Gensler hinted at resignation.
Besides these fundamentals, XRP is also bullish from a technical analysis perspective. Peter Brandt mentioned that XRP has already cleared the 2023 high. This 2023 high came when Judge Aanalisa Torres ruled that the crypto wasn’t a security in itself.
With the 2023 high out of the way, the veteran trader remarked that XRP is ready for take-off once the crypto clears its 2021 high. XRP will need to climb to as high as $1.60 to clear its 2021 high. Once that happens, the parabolic rally could follow, as Peter Brandt suggested.
The trader’s accompanying chart showed that XRP could rally to as high as $9 once the crypto reaches this target. XRP whales could also contribute to this rally as they are actively accumulating. These XRP whales recently bought $526 million worth of coins, with XRP targeting a rally to $7.5 first.
Price Action Based On An Elliot Wave Analysis
In an X post, crypto analyst Dark Defender provided insights into what the XRP price action could look like moving forward based on his Elliot wave analysis. He said that XRP had completed the first wave (of the third wave) at $1.2680. He revealed that wave 2 started with wave A from $1.26 towards $1 and has already happened.
In line with this, he mentioned that wave B has begun, which can lead to a bullish reversal back to $1.26. However, that might not put XRP out of the clear yet as the analyst expects that there will be a corrective wave C.
This wave C could lead to XRP dropping back to $1 again or even below. If this corrective move doesn’t happen, Dark Defender remarked that this means that XRP will break above the $1.33 level and rally to $1.88. A rally to $1.88 is significant as it means that XRP has cleared its 2021 high and will witness that parabolic rally, as Peter Brandt predicted. An XRP rally to $4 is on the cards based on crypto analyst Egrag Crypto’s prediction. The analyst predicted that the crypto could rally to as high as $4 after it crossed the $1 mark.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The launch of Binance Futures perpetual contracts for Comedian (BAN) and Akash Network (AKT) has sparked significant market interest. Notably, BAN price surged around 80%, while AKT price rose about 25% following the announcement of the new listings. These jumps are fueling optimism among traders, as both assets gain traction on the platform.
BAN and AKT Surge Following Binance Listing
Binance Futures announced the launch of the USDⓈ-Margined perpetual contracts for Comedian (BAN) and Akash Network (AKT) on November 18. As per the Binance announcement, both assets saw impressive gains, with BAN surging 80% and AKT rising 25% on the listing. The futures contracts for these coins were introduced, which triggered immediate market excitement, reflecting strong interest from traders.
The new futures contracts are settled in USDT, with BANUSDT and AKTUSDT being the key trading pairs. Traders now have the opportunity to trade these assets with up to 75x leverage, a significant attraction for those seeking high-risk, high-reward opportunities.
With the ability to use leverage, traders can amplify their positions, which adds to the excitement and volatility surrounding these coins. This decision by Binance Futures, the top crypto exchange, reflects its commitment to expanding the range of assets available on its platform.
Comedian and Akash Network Rallies
The price of Comedian (BAN) has skyrocketed by 80%, now trading at $0.31. In the last 24 hours, BAN saw a low of $0.1798 and a high of $0.3992. The listing on top crypto exchanges often sparks a rally in the assets’ prices.
For context, Binance Futures has triggered a substantial rally in its price like MOG coin, marking a remarkable 470% increase in the past week. With a 24-hour trading volume of $316 million, the coin’s liquidity and market activity has significantly risen since the announcement, reflecting growing trader interest.
Similarly, Akash Network (AKT) has also seen a notable uptick, currently priced at $3.785. The 24-hour low and high for AKT stand at $3.155 and $4.261, respectively. Over the last week, AKT has climbed 44%, further fueling excitement among traders. With a trading volume of $136 million in the past 24 hours, the listing on Binance Futures has played a key role in pushing the coin’s price upwards. Listings like these on a top crypto exchange have consistently driven coin prices higher, as evidenced by the strong performance of both BAN and AKT.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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