Meme coins emerged as the top gainers in the second week of October. Shiba Inu (SHIB) topped the charts with a 7% gain over the past 24 hours. Dogecoin (DOGE) followed suit after surging nearly 5% in the same period.
This comes after a rather pessimistic week in which DOGE fell 7%. But the latest surge has boosted the price of the asset, which is trading at $0.11 at the time of writing.
DOGE Breaks Out of Descending Triangle Pattern
DOGE’s latest surge is linked to a breakout from a descending triangle pattern, noted analyst Ali Martinez in a post on X. He pointed out that DOGE has established a descending triangle pattern on the weekly chart.
This chart shows a sustained downtrend between the flat support and the downward sloping trendline. However, the bearish forecast is negated by the recent decline from the upper trendline of the pattern. This suggests that DOGE could resume its uptrend.
Historical Patterns and Potential Bull Markets
The analyst also noted that Dogecoin may be repeating history. He noted that DOGE broke out of a similar pattern that lasted for years, then saw a notable 200% increase and a 60% retracement.
Dogecoin price shows a clear breakout from the triangle's top trendline after a sharp 65% drop. If this uptrend continues, DOGE could enter a bull market and rise above $0.20.
Can DOGE Surpass $0.20 by 2024?
According to data from Telegaon, DOGE will skyrocket to over $0.20 in 2024. The platform revealed that DOGE will trade at an average price of $0.28.
It should be noted that DOGE skyrocketed to a high of $0.22 in March 2024. Additionally, according to Telegaon, the meme coin is expected to reach its yearly peak of $0.39 sometime this year.
