Analysis

An economist predicted that both Dogecoin (DOGE) and Shiba Inu (SHIB) could reach new all-time highs in the upcoming crypto cycle, drawing attention from investors hoping to capitalize on the incoming success.

Dogecoin is trading critically, and investors are paying attention as this could shape next week’s price action. After several weeks of volatile market movements marked by sharp ups and downs, the entire crypto market is at a turning point.

DOGE price may reach $0.1543 by the end of 2024.

Dogecoin’s price action has been incredibly strong as the meme coin scene explodes with massive gains amidst inflows into the crypto market.

Crypto veteran Peter Brant has become bullish on Dogecoin (DOGE). At the same time, Shiba Inu (SHIB), the second-largest meme coin’s outlook is also bullish. However, the on-chain analytics platform Santiment suggested that investors might have to wait a while to witness new highs. 

An analyst has pointed out how Dogecoin has reclaimed a major on-chain demand zone, which could open up the path to higher levels.

Dogecoin holders are working tirelessly to change the crypto’s trajectory after previous weeks of stagnation and disinteresting price action. Notably, on-chain data suggests that large holders of Dogecoin are working on extending a promising price rally last week.

Expectations for the Dogecoin price remain high as a crypto analyst has predicted a rally to a new all-time high for the meme coin.

Recent market dynamics suggest DOGE is on the verge of an epic breakout as cryptocurrencies continue to exhibit bullish price action in a seven-day timeframe. This bullish price action has seen DOGE break above a descending trendline that has defined the peak of rallies since April.

According to a crypto analyst known pseudonymously as Master Kenobi on social media platform X (formerly Twitter), the prime cryptocurrency that’s going to outperform Bitcoin in this market cycle is none other than Dogecoin, the original OG meme coin.

After a steady decline, Dogecoin price found support near the $0.0985 level. A base was formed, and DOGE started a decent upward move like Bitcoin and Ethereum. There was a move above the $0.1020 and $0.1040 resistance levels.

The lackluster Dogecoin price action could change very soon as on-chain data suggests increased activity behind the scenes.

Amid the sluggish price performance, Dogecoin is now seeing a rise in one of its major metrics.

Dogecoin whales are starting to increase their holdings in what is a general uptick in activity on the Dogecoin blockchain.

Dogecoin (DOGE), the leading meme coin in the crypto sphere, witnessed a notable uptick on Thursday, propelled by the influential backing of Tesla and SpaceX tycoon Elon Musk, a longstanding advocate of the digital asset. 

As the general cryptocurrency market is witnessing a rebound, assets like Dogecoin, the leading meme coin are attracting strong optimism from the industry as bullish predictions toward the coin’s potential in the short term are on the rise.

Elon Musk has once again fueled political speculation with a recent meme shared on the social media platform X. The meme features an AI-generated image of Musk behind a desk with a placard that reads “D.O.G.E.,” humorously standing for “Department of Government Efficiency.”

After a major decline, Dogecoin price found support near the $0.0888 zone. The price formed a base and recently started a recovery wave like Bitcoin and Ethereum. There was a move above the $0.0920 and $0.0935 resistance levels.

Shiba Inu (SHIB) lack of bulls in terms of price performance hasn’t stopped the crypto community to lose faith in the meme coin.

Dogecoin (DOGE), the largest meme-based cryptocurrency by market capitalization, has recently formed a second low, suggesting that the meme coin could be gearing up for a potential 4,000% rally to new all-time highs above $4.