Despite a relatively flat year, Dogecoin has started to gather steam, outperforming the market as it pumps 3.51% in the last day.
Consequently, bullish sentiment is circulating the Dogecoin community; could this indicate a historic move toward $1 is on the horizon?
Dogecoin Shows Strength as Price Nears $0.1
Dogecoin has displayed impressive price action over the past 24 hours, faring the second-best performing top 10 crypto behind Ethereum.
It climbed 3.51% from $0.083 yesterday to $0.086 today. Meanwhile, it has also seen an impressive 8% uptick this week, forging an important advancement on its price chart.
The chart below shows that its recent uptick has broken out from a descending triangle on the daily time frame.
The move occurred amid a broader trading range between $0.057 and $0.11.
This indicates a potential increase toward the top of the descending triangle (at $0.1) before a likely upward continuation toward its $0.11 range high.
Dogecoin holds a $12.27 billion market cap and a $391 million 24-hour trading volume, up 29% today.
The recent spike follows an announcement that luxury car maker Ferrari is now accepting Dogecoin payments for its vehicles.
Plans initially made the news in October, excitedly reaching high-profile outlets like Reuters.
DOGE experienced a tremendous run in the aftermath, pumping from $0.058 to $0.1.
With that in mind, the initiative’s recent launch could enable a similar bullish trajectory in the coming weeks.
Prominent community member David_dogecoin is significantly bullish on what this could mean for the crypto. According to David, the next destination is $0.15. Following this, he expects Dogecoin to climb to $0.26, followed by $1.
David highlights an inverse head and shoulders pattern in a price chart analysis, with $0.15 its the neckline. But based on the chart, it seems David does not anticipate $1 until later in 2024 or early 2025.
Meanwhile, TradingView analyst MehranSwingTraders anticipates a move to $0.1, noting that Dogecoin has recently broken out of a descending channel, often followed by a reversal to the upside.
So although it seems unlikely that Dogecoin will reach $1 this month, it is poised for notable upside; this could enable lower market cap meme coins to see even more significant gains.
One promising alternative is Sponge V2. The project recently launched a second rendition on the Polygon blockchain, equipped with new Play-to-Earn utility.
Trending Sponge V2 Explodes 29% as Polygon Chain Activity Soars
The original Sponge token was launched in May 2023, experiencing immense success as it rose to a $100 million market cap and netted early investors a 100x ROI.
It also garnered accolades like 13K social media followers, 30K holders, and listings on over ten prominent exchanges.
But even more impressive was that this all occurred in the depths of the bear market. Now, with market conditions on the up, the team has launched a second rendition, Sponge V2, aiming to capitalize on the bull market.
Sponge V2 launched on Polygon, boasting lower transaction fees and faster execution times than its V1 counterpart.
As per data from analyst Leon Waidmann, the Polygon network just hit an all-time high of active users, providing a massive growth opportunity for the new V2 meme coin.
Additionally, Sponge V2 boasts a new Play-to-Earn racing game, with the $SPONGEV2 token used for in-game credits. This offers an additional demand stream to help offset the typical meme coin volatility.
These factors have enabled notable growth for Sponge V2, with it pumping 35% since launching and 29% this week.
The team’s track record, alongside Sponge V2’s fundamental innovations and bullish momentum, have compelled top analysts to back the project.
For instance, ClayBro recently urged his community to consider Sponge V2, stating, “Don’t miss the 100x potential.”
