Benzinga - Dogecoin (CRYPTO: DOGE) is catching the eye of cryptocurrency analysts who suggest the meme coin may be gearing up for a price surge.
What Happened: Bluntz Capital, a pseudonymous crypto analyst, in a tweet on X said, “$doge finally looks ready to rip higher again,” referencing a price pattern on both the USD and Bitcoin trading pairs that indicate a potential upswing following a steady decline since February.
Bluntz Capital’s analysis is based on observed price patterns when Dogecoin is traded against the United States dollar and Bitcoin (CRYPTO: BTC). According to these patterns, after a period of downward movement or decline in value since February, there are indications that the coin is set to reverse its trend and begin an upward trajectory.
$doge finally looks ready to rip higher again, nice big fuck off long drawn out abc down on the usd and btc pair after that initial feb impulse pic.twitter.com/54ni6jqYVw— Bluntz (@Bluntz_Capital) March 20, 2024
Another pseudonymous crypto analyst Rekt Capital commented on the meme coin's resilience, noting, “Dogecoin tagged the Macro Downtrend as support for yet another successful retest.”
Rekt Capital said that this consistent pattern could mean a sustained price rally.
$DOGEDogecoin tagged the Macro Downtrend as support for yet another successful retest
Continued successful retesting like this will likely precede trend continuation over time#DOGE #Crypto #Dogecoin https://t.co/MQRXtFMubo pic.twitter.com/W7Zf6q1GPz
— Rekt Capital (@rektcapital) March 20, 2024
This comes amid Coinbase Derivatives’ decision to include the meme coin in its future trading offerings. The company sent a series of messages to the Commodities Futures Trading Commission, unveiling its plans to launch future contracts based on Dogecoin, alongside Litecoin (CRYPTO: LTC) and Bitcoin Cash (CRYPTO: BCH). The contracts will be settled in cash every month, according to the information shared with CFTC Secretary Christopher Kirkpatrick.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Meanwhile, Tesla CEO Elon Musk, a known supporter of Dogecoin at a Tesla event in Germany confirmed that, though Dogecoin is currently accepted for Tesla merchandise, its use could expand: “You can buy Tesla merch with DOGE, which is cool, so Dogecoin to the moon.”
Dogecoin saw a 78% increase over the past month, despite a brief dip in value.
Price Action: At the time of writing, the price of DOGE was trading at $0.15, up 7.71% in the last 24 hours, according to Benzinga Pro.
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