NOIDA (CoinChapter.com)—Dogecoin’s recent price rally, combined with a slightly slowed-down XRP rally, resulted in speculations of DOGE’s price overtaking the Ripple token. That is, until the XRP price blew past $0.6 on April 8, dashing the dreams and hopes of DOGE fans.
Despite XRP price accelerating beyond DOGE’s immediate grasp, the memecoin’s 2024 performance leaves the Ripple token in the dust. Where XRP price has rallied by roughly 1% year-to-date, DOGE price is up by more than 123% since Jan. 1.
Traders Remain Bullish On DOGE
Much of this rally was likely the result of March’s memecoin frenzy. The resulting bullish sentiment is yet to wane, especially for Dogecoin.
Social media was rife with traders sharing posts of Dogecoin’s promising future price action.
Moreover, the prospect of DOGE overtaking XRP attracted more bulls to the market, helping the token continue its rally. Dogecoin’s recent rally propelled it into the top 10 cryptos by market cap, overtaking Cardano, Avalanche, and Toncoin.
Another reason for Dogecoin’s rally in March was, as usual, a few words from the Tesla CEO and self-proclaimed Dogecoin fan, Elon Musk.
Musk has been a vocal supporter of cryptocurrencies and has taken a particular liking to Dogecoin, the first memecoin. Many times, it has been a statement from the Tesla CEO that has triggered DOGE prices to go into a bull run.
In March, during a visit to the Berlin gigafactory, Elon Musk hinted that Tesla might accept Dogecoin payments in the future. At the moment, the firm accepts DOGE payments for Tesla merchandise, a decision which sent DOGE prices rocketing in Dec. 2021.
DOGE Price Forms Bullish Pattern
Another bullish cue that likely attracted traders to Dogecoin was the memecoin forming a bullish technical pattern called the ‘Ascending Triangle.’
Historically, a horizontal trendline connecting swing highs and an ascending trendline connecting swing lows form an ascending triangle pattern. Volume helps determine whether a breakout is strong. Under ideal conditions, buyers would enter the market as the trendlines close the gap.
As a result, the token’s price would push above the horizontal resistance with heavy volumes.
Per the rules of technical analysis, the price target for a breakout is equal to the triangle’s height at its thickest point. If the triangle pattern pans out, DOGE price has a theoretical price target near $0.4, a spike of 100% from current levels.
It is unlikely that the Dogecoin token price would rally immediately to the pattern’s target after a successful breakout. Yet, the pattern could attract buyers to the market, helping DOGE’s bullish run.
