Memecoins are definitely the main story in this rally. After the frenzy in March when many memes surged, it seems that the frenzy has returned. Following Trump's victory in the US presidential election last Tuesday, the market began to rally. As Bitcoin and Ethereum recovered well at over $80,000 and $3,100, respectively, memes also started to soar.
Historical Patterns of DOGE Indicate a Breakout Potential
The price of DOGE has increased from $0.15 to over $0.28 during this period. According to renowned cryptocurrency analyst Ali, this could just be the beginning of a larger move. Considering historical patterns, DOGE often consolidates for a long time – about 1,000 to 1,200 days – before making a significant breakout.
Ali's analysis shows that previous consolidation phases lasted 38 bars (about 1,155 days) and 36 bars (1,096 days), each followed by parabolic price movements. The current pattern shows a consolidation of 42 bars (about 1,280 days) in a descending triangle, with breakout signs similar to previous cycles.
The key support level at $0.04909 has proven to be significant, serving as a stable base for previous bullish trends. Based on Fibonacci extension levels and historical patterns, Ali suggests potential targets ranging from $3.95 to $23.26, although such predictions should be taken with caution.
Other memes like WIF, FLOKI, and MEW are also among the strongest rising cryptocurrencies currently. The price of WIF has increased by over 20% and is currently trading above $3, although it is still below its all-time high of around $4.7.
FLOKI and MEW are also not lagging behind, surging more than 15% and over 30% respectively since the election results. Traders are now hoping that this rally will continue as the meme leaders.
