Dogecoin has proven to be the best memecoin, as other memes have been negatively affected when the leading meme started to rally. The liquidity flowing into the token has surged, helping prices rise above $0.46 at the current time. After reaching these levels, the price of DOGE seems ready for another rally, potentially lifting the level close to the $1 mark, possibly before the end of 2024.
The price of DOGE has shown a daily closing bullish level above the main resistance at around $0.39, allowing this token to start trading above $0.4. One of the main reasons for this surge could be the huge increase in the number of active addresses. These levels, which did not increase during the bullish period at the beginning of 2024, have now proven to show a strong increase.
The number of active addresses has reached 1.6 million from around 70K, indicating a surge in trading activity, which has increased the token's volatility. Additionally, whales have been selling off their holdings since the beginning of the month, allowing market participants to take over the bull run.
When will the DOGE price rise sharply next? When will DOGE reach $1?
The price of Dogecoin is following its historical pattern, whereby this token has entered the next bullish phase. The technical conditions and trading setup reflect the previous conditions it followed before the 2021 bull run began. Therefore, the current DOGE rally is ready to not only reach $1 but also exceed these levels.
The historical price pattern indicates that the token has reached the endpoint of the consolidation process, which has triggered a tremendous bull run following the Golden Cross. Currently, the 50/200 MA has gone through a Golden Cross, which has lifted the price from bearish influences. If the price follows the previous bullish run, it is expected to trigger a massive bull run close to double-digit figures and form a peak around $11 for the ongoing bull run.
