Last week was another positive period for Dogecoin's price. After ending the previous week in a consolidation phase, the meme cryptocurrency carried this trend into the early days of the new week. However, the price of Dogecoin kicked off a new rally of 25% on Friday, November 22, creating new highs for 2024. Interestingly, this new rally saw the price of Dogecoin breaking out of an ascending bullish flag pattern. Such an increase highlighted the prospect of Dogecoin reaching new record highs before the year ends.
Dogecoin price soars, preparing to break through to $0.82
The king of meme coins Dogecoin surged about 25% by the end of the week, reaching a daily high of $0.4759 on Saturday. This price increase is particularly notable as it indicates that the Dogecoin price has finally continued to rise after a brief consolidation since hitting $0.43 earlier on November 14.
Renowned cryptocurrency analyst Ali Martinez highlighted the significance of this rally in a post on X, drawing attention to Dogecoin's decisive breakout above the bullish flag pattern. According to Martinez, this technical breakout could set the stage for a much larger rally, with his prediction aiming for a price move towards $0.82. If achieved, this price would represent an impressive increase of about 90% compared to the current Dogecoin price.
What is the likelihood of Dogecoin rising to $0.82?
Before the price of Dogecoin can rise to the $0.82 level, it first needs to surpass the long-standing all-time high of $0.7316, a milestone that has not been broken for over three years. At the time of writing, Dogecoin is trading at $0.4287, reflecting a slight pullback from the recent daily peak of $0.4759.
This pullback indicates that the consolidation phase is not yet complete, as resistance seems to have formed near the $0.43 mark, creating a sell wall to overcome. To break the all-time high, Dogecoin must first achieve a decisive and sustainable breakout above the $0.43 threshold, which remains a crucial level to regain upward momentum.
Interestingly, recent whale activity suggests a potential increase for the meme coin in the upcoming week. On-chain data shows that large holders, or 'whales', have been actively accumulating, purchasing over 550 million DOGE tokens worth an estimated $214.5 million.
These whale addresses, which typically hold between 10 million to 100 million DOGE, are often seen as influential in shaping market trends. Their increasing activity could signal confidence in the price of Dogecoin and provide the necessary support for a significant breakout above $0.43 this week.
