Cryptocurrency

Crypto Traders Enjoy Run Of Green Candles Buying Tron And Dogecoin, Could This MemeFi Token See 2000% In The Next 60 Days?



ByAndrew Woodsville

Posted on December 7, 2024

The recent bullish sentiment shift in the crypto market has given rise to a phenomenal rally for Tron (TRX), with the price surging over 100% within a day. Likewise, Dogecoin witnessed a massive rally last month and blessed traders with over 200% returns.

Amid these big players’ tremendous performance, an emerging altcoin, Cutoshi (CUTO), has been going viral for its unique memeFi ecosystem. Cutoshi has the potential for a 2000% rally in the next 2 months.

Tron (TRX) Doubles Within A Day To Establish A New ATH

Starting September 2024, Tron moved steadily in an uptrend channel and reached the $0.17 price level, from which it had previously faced significant resistance. Tron surged along with the broader crypto market and broke out above this crucial resistance with massive demand.

The breakout induced more demand, and Tron gained significant momentum, reaching the $0.226 price level with a 30% surge. However, the price faced sharp rejection from this zone, and the Tron price underwent correction for the following week.

Two days ago, Tron regained demand and reached a new all-time high of $0.4407 by gaining over 100% within a single day. The price pulled back over 20% yesterday due to profit booking, and Tron currently trades at $0.3326. After the massive swing, the price has slowed today, and a doji has formed due to a balance between the selling and buying pressure.

Is Dogecoin (DOGE) On The Cusp Of A Breakout From This Consolidation?

In November 2024, Dogecoin broke out of the upper trendline of an uptrend channel and gained over 150% within a week. However, the rally slowed, and Dogecoin has been consolidating below the $0.44 level for the past three weeks.

Dogecoin experienced a 4.27% price gain in the last 24 hours and trades at $0.438. The daily trading volume has also grown by 50%, reflecting increased market demand. Dogecoin has immediate resistance at $0.466 and $0.48 and is taking support from the 20-day Simple Moving Average (SMA).

Despite the consolidation, Dogecoin has gained demand, which indicates a potential breakout of the trendline that joins the current price with the two peaks in March. If Dogecoin does breakout with significant momentum, it may have another rally and has the potential to gain 70% to reach its ATH