Dogecoin (DOGE) continues to dominate the memecoin space, defying bearish sentiment that has plagued other similar tokens. Currently trading above $0.46, the token has experienced significant growth, fueled by a surge in liquidity and trading activity.
Following a bullish breakout past the key resistance level of $0.39, DOGE now trades consistently above $0.4. This marks the beginning of a potential bull run aimed at achieving the much-awaited $1 milestone, possibly before the end of 2024.
Here’s an in-depth look at the factors driving DOGE’s rally and the likelihood of achieving this ambitious target.
What’s Driving Dogecoin’s Bullish Momentum?
1. Price Breakout and Trading Activity
DOGE recently broke through a significant resistance at $0.39, trading consistently above $0.4. This bullish breakout is supported by a remarkable increase in trading activity, with the number of active addresses skyrocketing from 70,000 to 1.6 million. This heightened activity is indicative of strong market interest and liquidity flow.
2. Shift in Whale Behavior
A notable reduction in whale holdings has allowed smaller investors to take the reins, creating a more distributed and sustainable rally.
3. Historical Patterns
Dogecoin’s current price movement mirrors its behavior before the massive bull run of 2021. If history repeats, DOGE could be on track for another explosive rally.
4. Golden Cross Formation
The 50-day moving average recently crossed above the 200-day moving average, forming a Golden Cross—a technical indicator often associated with long-term bullish trends.
Doge price historyÂ
Here is a chart of Dogecoin (DOGE) price per day from February 26, 2022 to November 21, 2024
Dogecoin, experienced a brief price surge in early November 2022, following the collapse of FTX. However, this rally was short-lived, and as of November 21, 2024, Dogecoin was valued at approximately $0.39 USD.
This contrasts with its rapid rise in popularity in 2021. After positive comments from Tesla CEO Elon Musk, Dogecoin’s value skyrocketed by nearly 216% between January 28 and 29, 2021, reaching a peak of $0.023535 USD. This surge catapulted Dogecoin into the limelight, making it one of the most discussed cryptocurrencies.
Now the question is will it reach $1 or not
Price Targets: Can DOGE Hit $1?
Short-Term Goal: Dogecoin is likely to test $0.6 in the coming weeks as momentum builds.
Mid-Term Goal: Reaching $0.90 appears feasible if the current trajectory holds steady.
Long-Term Goal: The highly anticipated $1 milestone could be achieved by late 2024, driven by strong technicals and market enthusiasm.
Some analysts even speculate that DOGE could overshoot $1 during the peak of the bull market, with predictions ranging up to $11 based on historical rally patterns.
Also Read : Is Dogecoin’s Surge Over or Just Getting Started?
