Dogecoin has proven to be the best meme coin, as while top memes begin to inflate, other memes are under bearish influence. The liquidity flowing into the token has significantly increased, helping the current levels rise above $0.46. After reaching these levels, the DOGE price seems ready to become bullish again, potentially lifting the levels close to the $1 milestone, possibly before the end of 2024.
The DOGE price shows a bullish daily close above the critical resistance level of around $0.39, assisting the token in starting the day's trading above $0.4. One of the main reasons for the sudden surge could be the tremendous increase in the number of active addresses. These levels failed to rise during the uptrend at the beginning of 2024 and have now shown significant upward movement.
The number of active addresses has risen sharply from around 70K to 1.6 million, indicating a significant increase in trading activity, which has amplified the token's volatility. Additionally, since the beginning of this month, whales have been offloading, allowing market participants to take over the rebound.
What is the next step for DOGE price increase—when will it reach $1?
Dogecoin price follows its historical pattern, and according to this pattern, the token has entered the next bullish phase. Technical conditions and trading setups reflect what it followed before the bull market began in 2021. Therefore, the DOGE price rebound is now not only ready to reach $1 but is almost exceeding these levels.
Historical price patterns indicate that the token has reached the end of consolidation, triggering a strong rebound after a golden cross. Currently, the 50/200 MA has experienced a golden cross, which has pushed the price upward from bearish influences. If the price follows previous rebounds, a massive surge approaching double digits is expected, forming a peak around $11 in a sustained bull market.
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