Is a New Altseason on the Horizon? Dogecoins Recent Activity Sparks Speculation
In a recent statement, Ted Pillow, a prominent figure in the cryptocurrency world, has drawn attention to an intriguing pattern in the crypto market. According to Pillow, a significant rise in Dogecoin (DOGE) prices often heralds the beginning of an Altseason, a period when alternative cryptocurrencies experience notable price increases.
This pattern was observed during the 2020-21 crypto boom and again in Q4 2023. Currently, DOGE appears to be tracing a similar fractal pattern to what was seen in 2021, suggesting that a significant price surge could be on the horizon. If Dogecoin begins to rise sharply, investors and enthusiasts should brace themselves for what Pillow predicts could be an explosive Altseason.
Adding to the positive sentiment, data from IntoTheBlock reveals that Dogecoin processed an impressive 1.93 million transactions last week. This marks the highest weekly transaction count since early July. While still trailing behind the peak levels seen in February, this uptick indicates a healthy rebound for the DOGE network.
Dogecoin Breaks Out of Downtrend
From a technical perspective, crypto analyst Daan Crypto Trades has noted a crucial development. Dogecoin has recently broken out of a downtrend line that has confined its price since March of this year. For a sustained rally, DOGE needs to maintain its position above $0.105 and push through the $0.12 resistance level.
As of now, Dogecoin is trading at $0.101089 with a 24-hour trading volume of $50.28 billion, a market cap of $14.76 billion, and a market dominance of 0.70%. Over the past 24 hours, the price of DOGE has increased by 1.63%, reflecting growing investor interest and potential bullish momentum.
With these developments, the cryptocurrency community is abuzz with speculation about whether Dogecoins current trends will lead to a broader Altseason, as historical patterns suggest.
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Text source: TronWeekly
