Dogecoin (DOGE) Price Aims for 90 Cents Next Catalyzed by Rising Demand from Whale Investors

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless market cycles and trends. However, the current rally in Dogecoin (DOGE) is one that has truly piqued my interest.

Following a powerful surge over the last few weeks, it appears that the upcoming months will witness a broader bullish trend for Dogecoin. This well-known meme coin, currently valued at approximately $53.4 billion and regularly trading volumes exceeding $16.47 billion daily, has consistently closed above its previous resistance level of roughly 22 cents, indicating a strong upward momentum.

Over the last year, the price of DOGE compared to the US dollar has been showing an uptrend by repeatedly reaching new highs and setting new lows at a higher level each week. Additionally, Dogecoin’s weekly RSI value has closed above 70% for the first time since April this year, which is typically indicative of strong market momentum.

Furthermore, it’s worth noting that on a weekly basis, Dogecoin’s price has undergone a second instance where its short-term moving average (50 MA) crossed above the long-term moving average (200 MA), a phenomenon known as a “golden cross.

For the very first instance when the value of Dogecoin underwent a weekly “golden cross,” it led to a significant surge exceeding 7,000% against the U.S. dollar within the following months.

Based on insights from crypto analyst known as Trader Tardigrade on the X platform, there’s a possibility that Dogecoin’s price is shaping up like a bullish pennant, with an anticipated peak of approximately $0.9. If there’s another round of selling pressure in the upcoming weeks, Dogecoin’s value should find a strong resistance level above 33 cents – this being the highest monthly close it had previously reached.

#Dogecoin on track for potential surge: $0.9 🌕$DOGE is shaping another Bull Flag pattern. The prior flag propelled $doge from around $0.2 to $0.3, and the current one appears to be targeting a climb towards $0.9.

— Trader Tardigrade (@TATrader_Alan) November 15, 2024

Dogecoin Bulls Accumulates More on Robust Fundamentals

Over time, the Dogecoin network has drawn in a larger number of investors, largely thanks to Elon Musk and his team’s consistent backing. As Coinspeaker mentioned earlier, Dogecoin maintains its position as the leading meme coin chiefly because of the significant institutional investment spearheaded by Spirit Blockchain Capital Inc (CSE: SPIR).

Based on current on-chain analysis, it’s been found that the Dogecoin network boasts over 5.3 million owners and offers substantial liquidity thanks to its presence on major trading platforms. Notably, a growing number of large-scale investors – often referred to as ‘whales’ – are amassing Dogecoin in anticipation of the predicted altcoin boom. These whales are speculatively investing in the meme coin sector to potentially spearhead the eagerly awaited altseason.

#Dogecoin whales bought 140 million $DOGE in the past 24 hours, worth around $56 million!

— Ali (@ali_charts) November 15, 2024

Over the last day, large Dogecoin investors (whales) have acquired approximately 140 million DOGE units, which equates to over $56 million. This substantial investment in Dogecoin is fueling increasing faith that a new rally similar to the 2020 bull market could be on the horizon. Furthermore, mining Dogecoin provides crypto miners with an opportunity to boost their income while maintaining the network’s security.

The latest declaration by President-elect Donald Trump regarding the Department Of Government Efficiency (D.O.G.E) has greatly boosted attention towards the meme coin themed around dogs. Furthermore, it’s anticipated that Elon Musk will spearhead efforts to streamline the US government operations under this program.

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2024-11-15 17:51