According to crypto analyst Michaël van de Poppe, there are indications that Dogecoin (DOGE), a popular memecoin, may experience a surge similar to XRP’s explosive rally last week.
XRP, the cross-border payments solution, experienced a significant increase of over 73% in less than 24 hours following a legal ruling that Ripple’s automated, open market sales of XRP are not securities.
DOGE status in the crypto market
In a recent strategy session with his 162,000 YouTube subscribers, Van de Poppe observed that Dogecoin’s current market structure is similar to XRP’s price action before the recent surge.
A crypto trader named Van de Poppe has compared the 12-hour chart of XRP with the line chart of Dogecoin and found that the market structure of the latter is very similar to the former. As per the trader’s analysis, if Dogecoin continues to follow the pattern of XRP, it may see a price surge of up to 157% from its current value.
“We’re on the edge of having a runner to maybe $0.15 to $0.18 on DOGE.”
DOGE in the news
A popular analyst says that leading meme crypto asset Dogecoin (DOGE) could spark a rally by the end of the year or early 2024.
In a new video update, Nicholas Merten, the host of DataDash, said recently that smart money tends to accumulate altcoins like DOGE once they’re at a heavily discounted price.
He believes that after Dogecoin is about 95% from its all-time high, blue-chip accumulation should begin.
“Smart money, the accumulators, are looking at these prior discount ranges, they’re looking to build positions around these ranges. I think, generally speaking, that we’re going to be probably coming around 95%, somewhere in this ballpark range…”
He continued and stated this:
“The key point is that I’m looking for accumulation [of] crypto assets around some of these ranges around the basket between these two percentage declines from top to bottom.”
