As a seasoned researcher with years of experience tracking the crypto market, I must admit that the recent surge in Dogecoin (DOGE) has piqued my interest. Having closely followed the price movements of this meme coin since its inception, it’s fascinating to see it reach levels not seen since last May.
This month, Dogecoin‘s value has significantly increased, peaking at $0.4795 – a level not seen since May 2021 – as the overall cryptocurrency market experienced a strong surge in value.
Dogecoin (DOGE) traded at $0.40 on Nov. 28, marking a 365% increase from its September low.
The price movement of this asset followed closely that of Bitcoin (BTC), which neared $100,000, marking a new peak. Historically, the prices of Dogecoin and Bitcoin have moved in sync. Data from IntoTheBlock shows a correlation of 0.98 between the two, suggesting highly similar price trends.
It’s plausible that Dogecoin will maintain its robust upward trend once Bitcoin reaches $100,000, as suggested by our recent analysis which indicates a potential increase to $122,000. This prediction is derived from Bitcoin’s cup and handle pattern observed on the weekly chart.
According to its name, this pattern features a base that curves downwards, then there’s either a retreat or a pause. Over the span of March up until recently, Bitcoin’s handle stage culminated in a strong surge towards $99,700, marking a bullish breakout.
Bitcoin tends to exhibit robust seasonal trends as its value typically increases in November and December. Additionally, there are rumors that President Trump might appoint Paul Atkins, a well-known figure in the cryptocurrency sector, as the new leader of the Securities and Exchange Commission.
The demand for Bitcoin Exchange-Traded Funds (ETFs) has been growing significantly as well, surpassing a total asset value of $101 billion. This development serves to enhance investor trust in the market.
Dogecoin price rally to continue
Dogecoin’s price appears poised for further gains if Bitcoin climbs to $122,000 as projected.
On a weekly basis, Dogecoin has experienced a steep upward surge, breaking through a significant barrier at $0.2278 – its peak from March 2023. This move disregards the earlier double-top formation pattern.
The coin’s trajectory has shaped into a ‘golden cross’ formation, where its 50-week and 200-week moving averages have intersected, and it has surpassed the 50% Fibonacci Retracement level at approximately $0.03715, indicating potential price increase.
Currently, Dogecoin is shaping up to resemble a bullish flag or pennant pattern, which historically can lead to a significant surge. Should such an uptrend take place, the potential price could reach as high as $0.7400 – a jump of 85% from its current value. However, if Dogecoin falls below $0.2278, this bullish forecast may not hold true.
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2024-11-28 16:50