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
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.
A crypto trader made a massive profit with MANTRA trading, catching the eyes of investors. According to reports, the trader has witnessed an estimated gain of more than $6 million with OM price witnessing a slight dip during writing. However, the massive dump by the investor has sparked speculations over a further dip in the crypto’s price, while many anticipate otherwise looking at the current broader market trends.
Crypto Trader Made $6M Profit With MANTRA Trading
A recent report by the on-chain analytics platform The Data Nerd showed that smart money, identified by the wallet address “0xdc2”, has deposited 600K OM tokens to Binance. The transfer was valued at around $2.53 million, according to the report citing Arkham Intelligence data.
This massive transaction by the crypto trader has caught the eyes of investors. Besides, the market participants have also shifted their focus amid the recent gains in MANTRA price. Notably, the report notes that on June 6, 2023, the smart money withdrew 1.489 million OM from the same top crypto exchange. His entry was at an average of $0.026 per token.
Meanwhile, the whale has sold the 600K tokens at the current price now, witnessing a profit of $2.49 million or a return of 64X. Besides, his current holdings indicate his total estimated profit at $6.28 million or a return on investment (ROI) of 161X.
This massive profit booking by the trader has discussions in the broader crypto market. Crypto investors often use the opportunity of soaring prices to book profit, but it also fuels concerns over a potential dip ahead for the asset.
For context, recently, a crypto investor has turned $1.1K into $1.82 million in just 20 days by trading two altcoins. Notably, the massive dump by the investor could spark further selling pressure on the crypto, which could potentially weigh on the investors’ sentiment in the coming days.
OM Price Soars 26%
Despite a slight dip following the massive dump by the crypto trader, it has maintained a steady momentum in the 24-hour time frame. OM price today was up 26.58% and exchanged hands at $4.15, while its trading volume rose 33% to $771.50 million.
However, the price went down from its 24-hour high of $4.47 after the transfer. Despite that, the surge of around 26% in its price indicates strong market confidence in the asset. Besides, the MANTRA Futures Open Interest also rose nearly 53%, hinting towards further gains ahead.
Notably, it appears that the market is shifting its focus towards the altcoins, amid a positive sentiment hovering in the broader crypto market. For context, the overall crypto market cap was up 1.03% during writing and soared past the $3 trillion mark, reflecting market confidence.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
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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