- Dogecoin breaks the key trendline, signaling potential breakout and altcoin season trigger.
- Analyst predicts DOGE could hit $0.125-$0.146, fueling further market speculation.
- Doge records strong market inflows, but volatility raises doubts about trend sustainability.
Dogecoin (DOGE) has shown upward solid momentum recently, positively contributing to the debates concerning a breakout. This substantial price increase could also mean the start of the Altcoin season because more of these altcoins have started to outperform Bitcoin.
Over the past 72 hours, Dogecoin has gained three green candles consecutively, meaning that an increasing number of people are investing in this coin. This surge has fueled market discussions about whether DOGE will be the cause of the expected altcoin season. Information obtained from various sources supports this argument; more altcoins are now recording better performance, thus supporting this speculation.
Analyst Predicts Bullish Run for DOGE
A crypto analyst, Guru Vedas, has also chimed in on the current DOGE rally to suggest a massive price surge that might trigger an altcoins boom. As per the Vedas, Dogecoin has now crossed above a long-term bearish trend line, which as acted as resistance for Doge for several months. The analyst expects this breakout will send DOGE towards the targets of $0.125 and $0.146. If this happens, it will also bring the highly anticipated altcoin season.
$DOGE long. Might even trigger alt season!! pic.twitter.com/vMbOxINNGx
— Guru Vedas (@VedasGuru) September 11, 2024
Vedas’s argument is supported by the recent rise in DOGE, where its price rose from the $0.10 range. The trend is also supported by the up move in both the 50-day and 100-day moving averages. These technical analyses suggest that Dogecoin’s price might go up further in the coming days.
DOGE, SOL, and TON Soar: Bitcoin Leads the Bullish SurgeDogecoin’s Breakout and Market Reactions
This breakout has attracted interests from both the traders and analysts in the market. On September 9th, DOGE registered a positive net flow, indicating substantial market inflows. This suggests that traders are engaging in profit-taking while anticipating further upward momentum. However, some market participants are restrained because of the absence of a powerful trend towards increasing prices, which may hamper the continuation of the current pattern.
As the altcoin market shows signs of recovery, several tokens are also beating the Bitcoin in the trends creating immense hopes that could mean an altcoin season soon. If the current trends persist, Dogecoin could be at the forefront of this kind of market change, which can act as a catalyst for further altcoin gains.
