Dogecoin (DOGE) Price Prepares for 25% Technical Breakout This Week

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As a seasoned researcher with extensive experience in the dynamic world of cryptocurrencies, I find the recent surge and potential growth of Dogecoin quite intriguing. Having closely observed market trends for years, I can confidently say that the current price action of DOGE is reminiscent of a phoenix rising from its ashes.

Recently, Dogecoin (DOGE) – the world’s largest meme coin – has been drawing attention from investors due to its impressive performance over the broader crypto market. In the past 24 hours, it has recorded gains of 5.44%. This renewed interest from investors helped Dogecoin recover from last week’s losses. As a result, its current market capitalization stands at $21.30 billion and its trading volume for the same period amounts to $1.78 billion. Its 24-hour volatility is also relatively high at 5.6%.

At this moment, the value of Dogecoin is being traded at approximately $0.1449, with a total market capitalization of around $21.24 billion. Noted crypto analyst Ali Martinez suggests that Dogecoin is presently at a significant juncture, displaying a flag and pole pattern formation.

Consequently, Ali Martinez pointed out that last week’s adjustment was in fact a chance to purchase dips and rebuild bullish energy. If Dogecoin (DOGE) manages to break through the $0.143 resistance point, it may surge by 25%, possibly reaching $0.175.

Courtesy: Ali Martinez

Alternatively, Elon Musk is again hinting at Dogecoin, potentially adding fuel to the fire for the world’s biggest meme currency. Earlier today, he posted a photo of himself at a Trump rally with a Dogecoin image, suggesting the Department of Government Efficiency (D.O.G.E) in the Trump administration.

— Elon Musk (@elonmusk) October 28, 2024

On-chain Development for Dogecoin

According to the blockchain analysis platform Santiment, there’s been a significant rise in large Dogecoin holders amassing more DOGE coins recently. Specifically, wallets holding between 10 million and 100 million Dogecoins have been increasing their stash, collectively acquiring an additional 17.64 million DOGE.

The gradual buildup suggests a boost in faith towards DOGE’s future pricing prospects, which could lead to more robust price reinforcement in the upcoming weeks.

Courtesy: Santiment

According to recent Dogecoin price evaluations, it appears that the present dip could be part of an uptrend that kicked off around mid-October. Initially priced at $0.10, Dogecoin rose significantly to reach $0.149, representing a 48% increase from its starting point.

Based on the TradingView graph analysis, the recent surge surpassed significant resistance at $0.12, concluding a four-month accumulation period for DOGE. If this bullish trend persists, it could propel the value by approximately 36%, possibly pushing it towards the $0.20 milestone.

Courtesy: TradingView

A positive signal, known as a bullish crossover, has occurred between the 50-day and 200-day moving averages, suggesting that the market’s upward momentum might persist, increasing the faith of buyers. But if this retest phase doesn’t maintain above the broken triangle shape on the chart, traders may take control again, potentially causing a prolonged period of stability for the asset.

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2024-10-28 14:29