According to Cointelegraph: Dogecoin’s price jumped by over 5% in the past 24 hours to trade at $0.3918, outpacing the broader cryptocurrency market, which saw a modest 0.9% rise. Several technical and on-chain metrics suggest that DOGE could be primed for new all-time highs in the coming weeks.
Key Catalysts Driving DOGE’s Price Rally
Elon Musk and the D.O.G.E. Initiative
Dogecoin’s bullish momentum has been fueled by heightened interest following U.S. President-elect Donald Trump’s victory and his announcement of the Department of Government Efficiency (D.O.G.E.), with Elon Musk and Vivek Ramaswamy appointed to lead it. Known as the "Doge Father," Musk’s involvement has amplified retail and institutional interest in DOGE.
Social media mentions of Dogecoin have surged, indicating increasing attention, though data from Google Trends suggests that retail traders are still on the sidelines, leaving room for further price gains.
Whale Accumulation
Onchain data reveals that Dogecoin whales—addresses holding between 10 million and 100 million DOGE—accumulated approximately 140 million DOGE worth $56 million between Nov. 17 and 18. This accumulation followed a brief market correction, indicating large investors are positioning for higher future prices.
Technical Indicators Signal Further Upside
Bull Flag Formation
From a technical standpoint, DOGE’s daily chart displays a bull flag pattern, a bullish continuation setup that suggests further gains. A breakout above $0.40, the upper trendline of the flag, could push DOGE’s price to $0.87, marking new all-time highs.
Overbought Signals
However, caution is warranted as DOGE’s daily Relative Strength Index (RSI) remains in the overbought zone at 77. A pullback could see DOGE retest $0.355 or drop toward the $0.30 psychological level before resuming its uptrend.
Outlook
Dogecoin’s rally, underpinned by technical patterns, whale accumulation, and increased social media buzz, indicates strong bullish momentum. As retail interest builds and onchain metrics improve, DOGE appears poised for further growth, with a potential target of $0.87 in sight.
