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What’s Next For Dogecoin Price After 80% Weekly Surge

Published

1 month ago

November 11, 2024

Bitcoin, the leading cryptocurrency, soared to a new all-time high of $80,100 on November 10, triggering a broader market breakout. While most major altcoins followed the same momentum, the meme cryptocurrency experienced a high-momentum rally driven by its inherent volatility and appeal among speculative traders. With an 80% weekly surge, the Dogecoin price rallied to a 3-year high of $0.297.

By press time, DOGE price had traded at $0.26 with an intraday gain of 3.2%. According to Coingecko, the asset market cap holds at $38.4 Billion with a 24-hour trading volume of $12.7 Billion.

Can Dogecoin Price Break $0.15 by the End of October?

Since early September, the dog-themed memecoin Dogecoin witnessed a steady recovery, initiated at the bottom support of $0.091. The formation of fresh higher highs and lows backed by increasing training volume accentuates the buyers’ conviction to drive a sustained uptrend.

However, the cryptocurrency market experienced an accelerated recovery this week following Donald Trump’s victory as the 47th President of the United States. Thus, the Dogecoin price records a sharp $0.148 to $0.268, registering a growth of 80%.

An analysis of the weekly chart shows the massive green candle gives a breakout from the $0.228 neckline of a cup and handle pattern. This pattern begins with the “cup,” created by a rounded bottom following a decline, signifying a gradual recovery phase as selling pressure subsides and buyers return. The subsequent “handle” forms a brief consolidation or pullback near the resistance level, recuperating the exhausted bullish breakout.

If the breakout is sustained, the Dogecoin price prediction could target $0.4, accounting for a 53% potential surge.

Whale Accumulation Signals Potential Trend Reversal for DOGE

According to Santiment data, whale wallets holding between 100 billion and 1 billion coins have significantly increased their accumulation, rising from 2.68 million coins to 30.56 million coins.

This substantial increase highlights strong confidence among large investors in the asset’s long-term potential. Historical data shows whale accumulation has often coincided with major market bottoms, indicating a potential trend reversal for Dogecoin price.

Dogecoin (DOGE) — Supply Distribution | santiment

On the contrary, if the Dogecoin price fails to sustain above the C&H neckline, the sellers could strengthen their grip over these assets and prolong the sideways trend.

Frequently Asked Questions (FAQs)

Dogecoin’s rally was fueled by Bitcoin’s all-time high of $80,100, triggering a broader market breakout. The surge was further supported by the completion of a cup and handle pattern

If the breakout from the cup and handle pattern is sustained, Dogecoin’s price could target $0.40

Santiment data shows whale wallets holding between 100 billion and 1 billion coins have increased their accumulation from 2.68 million to 30.56 million coins. Such whale activity often signals confidence in long-term growth and aligns with market bottom signals, suggesting a potential trend reversal.