Technical indicators suggest Dogecoin could rally 2,400%, with targets up to $1.79.
On-chain activity, whale transactions, and strong social sentiment bolster DOGE’s breakout potential.
Dogecoin (DOGE) is once again sparking excitement in the crypto market, with technical patterns indicating the potential for a massive rally against Bitcoin (BTC). A previous CNF post highlighted that this “Dogecoin Killer” is attracting whales with a 40,000% ROI potential, while Bitcoin’s price broke records.
A breakout from a multi-year descending channel suggests DOGE could surge by as much as 2,400%, reaching a target of 0.00009375 BTC.
According to expert evaluations shared on CoinLedger, key indicators like the MACD and the 200-day moving average confirm growing bullish momentum, signaling a strong upward trend.
$DOGE While Bitcoin is often considered the best choice for long-term investment, Dogecoin is a favorite for traders seeking short-term profits.
On-Chain Data Signals Renewed Interest:
Recent on-chain metrics reinforce the bullish outlook for DOGE. Active addresses surged to over 1.6 million in late November, reflecting increased network activity and investor interest. Historical data suggests similar spikes often precede major price rallies.
Additionally, whale activity has intensified, with significant transactions hinting at institutional interest in Dogecoin’s potential.
Social Sentiment and Price Projections:
Currently, social media buzz around Dogecoin remains high, boosting its chances of thriving in the current market cycle. Fibonacci extensions project resistance at $0.78 and a long-term target of $1.79, aligning with DOGE/BTC breakout levels. As noted by experts:
Bitcoin’s primary role is to act as ‘digital gold’ and enable secure, peer-to-peer transactions.
Dogecoin, in contrast, is designed as a fun, light-hearted alternative to Bitcoin, appealing to audiences through meme-based charm.
While optimism is strong, traders are advised to monitor psychological resistance points like $1 to manage risk as Dogecoin approaches these targets. Dogecoin’s alignment of technical, on-chain, and social factors places it as a potential standout performer amid Bitcoin’s consolidation, setting the stage for a remarkable 2,400% rally.
At the time of writing, Dogecoin (DOGE) is trading at $0.4237, reflecting a 3.08% daily decrease but a 4.67% weekly increase.
