Memecoins Steal the Show in This Market Rally, Historical Patterns of DOGE Indicate a Breakout Potential

After the frenzy in March when many memes surged, it seems that the frenzy has returned. Following Trump's victory in the US presidential election last Tuesday

Memecoins are having a moment in this rally. After a surge in March saw many memes skyrocket, it seems that the madness is back. Following Trump's victory in the US presidential election last Tuesday, the market began to rally. As Bitcoin and Ethereum saw solid gains at over $80,000 and $3,100, respectively, memes also began to surge.

Historical Patterns of DOGE Suggest Potential Breakout

Dogecoin (DOGE) has seen its price rise from $0.15 to over $0.28 during this period. According to Ali, a well-known cryptocurrency analyst, this may be just the beginning of a larger move. Looking at historical patterns, DOGE tends to consolidate for a very long time – around 1,000 to 1,200 days – before making a significant breakout.

Ali's analysis shows that previous consolidation phases lasted 38 bars (around 1,155 days) and 36 bars (1,096 days), each followed by parabolic price movements. The current pattern shows consolidation for 42 bars (around 1,280 days) in a descending triangle, with breakout signs similar to previous cycles.

The key support level at $0.04909 has acted as a significant floor, providing a stable base for previous bullish trends. Based on Fibonacci extension levels and historical patterns, Ali suggests potential targets ranging from $3.95 to $23.26, though such predictions should be taken with a grain of salt.

Other memes, such as WIF, FLOKI, and MEW, are also among the strongest rising cryptocurrencies right now. The price of WIF has increased by over 20% and is currently trading above $3, though still down from its all-time high of around $4.7.

FLOKI and MEW are also not far behind, surging more than 15% and over 30%, respectively, since the election results. As the meme leaders, traders are now hoping that this rally will continue.

DYOR!