- The recent breakout of DOGE from a descending wedge indicates its imminent move towards $0.25.
- SHIB and MEW, two meme coins closely tied to DOGE, may also experience gains from this upswing.
DOGE is Still Alive
Dogecoin (DOGE) is far from dead. Claiming otherwise would be a significant oversight, according to a popular trader on X (formerly Twitter).
The anonymous trader Bluntz highlighted on this social media platform that DOGE “tends to run the hardest and most vertically.” After emerging from a bearish falling wedge pattern this Uptober, six months post its April 20 halving, it appears poised for a rally to $0.25 based on his technical insights.
As of Sunday, Dogecoin has sustained its movement within the $0.14 range. A firm support level here is crucial for bolstering the optimistic outlook for the token.
DOGE remains significantly below its all-time high (ATH) of $0.7376 reached three years ago. At its current pace, it would need to increase approximately 427% to reach that level.
Nevertheless, if Blockzeit’s prior predictions for Dogecoin materialize, it could be on track for a $19 surge by 2025. Additionally, DOGE stands to gain from Bitcoin’s (BTC) momentum and its robust and engaged community, despite facing competition from numerous alternatives today.
Furthermore, positive remarks from Tesla CEO Elon Musk that may pertain to DOGE, along with a potential Donald Trump victory in the forthcoming US elections, could further enhance sentiment surrounding the token.
SHIB and MEW Following DOGE
Shiba Inu (SHIB) is likely to gain from DOGE’s resurgence. Therefore, it would be prudent to keep an eye on this meme coin as well.
Among various mainstream altcoins, SHIB has consistently shown a strong correlation with DOGE. Data from IntoTheBlock reveals a correlation of 0.7 between the two over a 30-day trend leading into Monday, which increases significantly to 0.84 across a 60-day period.
Shiba Inu’s ATH came shortly after Dogecoin’s historic peak, with SHIB’s record high set at $0.00008845. As of Sunday’s value of $0.000018 per SHIB, it would need to escalate by about 400% to surpass that peak.
Another coin influenced by the dog-themed meme market is “cats in a dogs world” (MEW). This feline-themed token recently achieved its second-highest price ever, after an impressive 50% surge to $0.009273 last week.
By Sunday, “cat in a dogs world” was still trading alongside other dog-themed altcoins at $0.008. However, it has exhibited more than double the sensitivity to DOGE’s movements. Currently, MEW needs to gain at least 30% momentum to exceed its ATH of $0.01034 from seven months ago.
