Dogecoin Extends Rally – Can This Lead To A Breakout Above $0.82?

Scott Matherson

7 months ago

3 mins read

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Last week was another positive period for the Dogecoin price. After concluding the prior week in a phase of consolidation, the meme cryptocurrency carried this trend into the early days of the new week. However, the Dogecoin price kicked off a new 25% rally on Friday, November 22, to create a new 2024 high.

Interestingly, this new rally saw the Dogecoin price break a bull flag to the upside. Such a rally has brought into focus the perspective of the Dogecoin price reaching a new all-time high before the end of the year.

Dogecoin Price Rally Teases Breakout To $0.82

King of meme coins Dogecoin surged by about 25% as the week drew to a close, reaching an intraday high of $0.4759 on Saturday. This rally is particularly noteworthy, as it suggests that the Dogecoin price has finally resumed another leg up after a brief consolidation since it hit $0.43 earlier on November 14.

Renowned crypto analyst Ali Martinez highlighted the significance of this rally in a post on X, drawing attention to Dogecoin’s decisive breakout above a bull flag pattern. According to Martinez, this technical breakout could set the stage for a much larger rally, with his projection targeting a bullish move toward $0.82. If achieved, this price level would represent an impressive increase of approximately 90% from the current Dogecoin price.

#Dogecoin $DOGE is in the middle of a bullish breakout to $0.82! https://t.co/KjLJQ7ZkNm pic.twitter.com/Rib4XImoTT

— Ali (@ali_charts) November 23, 2024

How Feasible Is The Dogecoin Rally To $0.82?

Before the Dogecoin price can rally to the $0.82 price level, it would first need to surpass its long-standing all-time high of $0.7316, a milestone that has remained unbroken for over three years. At the time of writing, Dogecoin is trading at $0.4287, reflecting a slight pullback from its recent intraday peak of $0.4759.

DOGEUSD is now trading at $0.40. Chart: TradingView

This retreat shows that the consolidation phase is not yet complete, as resistance appears to have formed near the $0.43 level and has created a sell wall that must be overcome. Breaking toward the all-time high would first require Dogecoin to achieve a decisive and sustained breach above the $0.43 threshold, which remains a critical level for regaining upward momentum.

Interestingly, recent whale activity points to a potential upswing for the meme coin in in the coming week. On-chain data reveals 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 and 100 million DOGE, are often seen as influential in shaping market trends. Their growing activity could signal confidence in the Dogecoin price and provide the necessary support for a significant break above $0.43 this week.

Featured image from DALL-E, chart from TradingView

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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