Originally published on: December 04, 2024
Dogecoin has shown remarkable resilience in the past couple of weeks, trading within a range of $0.34 to $0.46 since November 12. Despite its meme status, DOGE has become the sixth most traded asset by 24-hour volumes, attracting significant market interest.
Analysts are optimistic about Dogecoin’s future as the technical indicators on the chart point towards a potential breakout. Whale transactions exceeding $100,000 and even $1 million have been on the rise recently. Data indicates that large addresses have acquired over 240 million DOGE tokens in December, hinting at a possible upcoming price surge.
Futures traders are also closely monitoring DOGE’s movements, with open interest reaching an all-time high of $4.05 billion on November 24. Although it has dropped slightly since then, the overall involvement remains at peak levels.
Analyzing the mid-term and long-term charts, analysts have identified bullish patterns that suggest a potential rally. A rising wedge pattern and a historical double bottom formation indicate a bullish trend for Dogecoin. Based on Elliot’s wave theory, experts predict a 60% return in the coming days, with some stating that DOGE is poised to reach $0.68 to $0.72.
While this article does not provide investment advice, it highlights the positive indicators that could drive Dogecoin’s price to $1 and beyond. Stay informed and make well-researched decisions in the dynamic crypto markets. Subscribe to our newsletter for more insights on crypto trends and trading strategies.