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

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.

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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.