As a seasoned crypto investor with a knack for spotting trends and a penchant for meme coins, I’ve seen it all – from Bitcoin’s meteoric rise to Ripple’s rollercoaster journey. But none has captivated me quite like Dogecoin. Last week’s 25% rally has left me grinning ear-to-ear, as it not only confirmed my long-held belief in the meme coin but also brought us tantalizingly close to a new all-time high.
As a researcher, I’m excited to share that last week was another positive chapter in the Dogecoin price trajectory. Following a period of consolidation at the end of the previous week, the meme cryptocurrency maintained this trend into the early days of the new week. However, things took an exciting turn on Friday, November 22, as the Dogecoin price ignited a remarkable 25% rally, reaching a brand-new 2024 high.
It’s noteworthy that the recent surge in Dogecoin’s value has caused it to breach a bullish pattern, propelling towards new heights. This surge raises the possibility that Dogecoin could hit a record peak by year’s end.
Dogecoin Price Rally Teases Breakout To $0.82
On weekends, the value of Dogecoin, known as the “King of Meme Coins,” increased approximately 25%. It peaked at $0.4759 during Saturday’s trading day. This significant rise is worth noting because it indicates that the price of Dogecoin has started climbing again after a short period of stability since it reached $0.43 on November 14.
In a recent post on platform X, well-known crypto analyst Ali Martinez emphasized the importance of the current rally, specifically pointing out that Dogecoin has surged past a bull flag pattern. This technical breakout, as per Martinez, could pave the way for a substantial increase, with his prediction suggesting a potential rise towards $0.82. If this price level is reached, it would signify a significant jump of around 90% from Dogecoin’s current price.
#Dogecoin $DOGE is in the middle of a bullish breakout to $0.82!
— Ali (@ali_charts) November 23, 2024
How Feasible Is The Dogecoin Rally To $0.82?
As an analyst, I’m observing that for Dogecoin to reach the anticipated price level of $0.82, it must initially break through its long-standing record high of $0.7316, a barrier that has persisted for more than three years. Currently, Dogecoin is transacting at $0.4287, representing a minor dip from its intraday pinnacle of $0.4759.
This retreat indicates that the consolidation isn’t over just yet, as it seems resistance has built up around the $0.43 mark. There’s a significant barrier at this point, referred to as a ‘sell wall’, that Dogecoin needs to surmount. Before reaching its all-time high again, Dogecoin will first need to make a strong and prolonged break above the $0.43 barrier. This level is crucial for regaining momentum in the upward direction.
It’s intriguing to note that the recent behavior of whales (large investors) suggests a possible rise in the value of meme coins like Dogecoin in the upcoming week. The on-chain data indicates that these whales have been actively buying up approximately 550 million DOGE tokens, valued at around $214.5 million.
These whale wallets, generally containing anywhere from 10 million to 100 million DOGE, are frequently viewed as influential in determining market directions. An increase in their activity might suggest optimism towards Dogecoin’s price and potentially supply the necessary momentum for a substantial rise above $0.43 this week.
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2024-11-25 06:05