The year 2024 has seen a remarkable rise in the cryptocurrency market for meme coins. Many altcoins have achieved great success, outperforming established cryptocurrencies such as Bitcoin, Ethereum, and Cardano. The total market cap of meme coins has exceeded $107 billion, with Dogecoin being the most successful coin in this field. Dogecoin has outperformed major cryptocurrencies by an impressive 252% in 2024. Its price climbed to $0.4836 in December. However, a correction followed, and the price settled at $0.30, just above the 61.8% Fibonacci Retracement level.
Technical indicators are pointing to the possibility of further declines for Dogecoin. The formation of a bearish flag pattern suggests that the price could retest the strong support at $0.2276. However, in a positive scenario, Dogecoin could rise again and surpass $0.4835 and reach $0.7597 in 2025.
XRP and Tron Price Predictions
XRP has made significant gains in 2024, with a 238% increase. Most of this increase occurred in the last quarter of the year. Technical analysis shows that XRP is forming a bullish pennant formation, indicating a potential bullish move. In addition, the XRP price is trading above the 38.2% retracement level and above the moving averages. Factors that could affect XRP include the possible resignation of SEC Chairman Gary Gensler, the development of RLUSD stablecoin projects, and developments such as XRP ETF approval.
Tron (TRX) gained 136% in 2024, reaching $0.4486. This increase was due to the increase in meme coin and stablecoin transactions on the Tron network. However, Tron experienced a pullback after testing the strong resistance at $0.2500. Currently trading above the $0.1794 support level, Tron may rise again and test its previous peaks.