The cryptocurrency market has been presenting challenges for numerous assets. Among these, Dogecoin (DOGE), a popular meme coin, is speculated to potentially spearhead a market-wide recovery. Over recent months, DOGE has been forming a specific chart pattern that analysts believe will lead to a significant breakout. Crypto analyst Ali Martinez points towards a bullish future for DOGE, while another analyst highlights a strong move for an altcoin popular among Turkish investors.
DOGE Price Prediction: Target Levels for the Altcoin
As observed on Kriptokoin.com, the cryptocurrency market is exhibiting signs of recovery, yet struggles to maintain upward momentum. Popular analyst Ali Martinez analyzes Dogecoin’s price movement, noting that DOGE has been forming a falling wedge pattern on its daily chart since March. According to Martinez, a sustained close above $0.10 will likely trigger a rally towards the $0.15 mark.
Musk’s Influence on DOGE Price
Tesla CEO Elon Musk, known for his active support of Dogecoin, often influences the meme coin’s price through his social media posts. Recently, Musk shared an AI-generated image with the acronym “D.O.G.E.,” referring to the ‘Department of Government Efficiency’ proposed by former President Donald Trump. Despite Musk’s post, the altcoin’s price did not experience a significant change. However, it may have prevented DOGE from dropping further to the $0.071 level amidst a bearish trend.
Analyst Anbessa commented on Musk’s diminished impact on Dogecoin’s price. Despite the lackluster response, Anbessa suggests there remains substantial potential for DOGE’s price to surge, although it may require more time to materialize.
XRP Price Forecast: Prepping for a Major Squeeze Against BTC
Ripple’s native token, XRP, is on the cusp of a significant squeeze against Bitcoin, according to the analyst known as Cryto Michael. Currently, the XRP/BTC pair trades at 0.00000968 BTC, reflecting a 34.5% decline since the start of the year. However, the altcoin has managed to gain 27% since the beginning of June. A squeeze occurs when an asset rises sharply due to a large number of short positions being covered, which could potentially happen again with XRP and BTC.
It’s important to note that XRP experienced a similar squeeze back in August following Judge Analisa Torres’s final ruling in the SEC v. Ripple case. Despite the short-term bullish momentum, XRP failed to maintain its gains. A similar event took place last year after Ripple’s court victory, where the court categorized secondary XRP sales as non-securities.
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