Dogecoin Rally – Can This Lead To A Breakout Above $0.82?
Last week was another positive period for Dogecoin price. The memetic cryptocurrency carries the trend into the early stages of the new week, after ending the consolidation phase in the previous week. However, Dogecoin price began a new 25% rise on Friday, November 22, hitting a new 2024 high.
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Interestingly, this new rally saw Dogecoin price break out of a bull flag to the upside. Such a rally puts the outlook for Dogecoin price into focusBoth hit record highs Before the end of the year.
Dogecoin Price Rebounds Breakthrough to $0.82
Dogecoin, the King of Meme Coins Soared about 25% As the week comes to a close, it hit an intraday high of $0.4759 on Saturday. This rally is particularly noteworthy as it shows that Dogecoin price is finally rising again after a brief period of consolidation since hitting $0.43 earlier on November 14.
Renowned cryptocurrency analyst Ali Martinez Highlight An article on Martinez said this technical breakout could set the stage for a larger rally, with his forecast targeting a bullish move to $0.82. If realized, this price level would represent an impressive increase of approximately 90% from the current Dogecoin price.
#Dogecoin $DOGE On the way to a bullish breakout to $0.82! https://t.co/KjLJQ7ZkNm pic.twitter.com/Rib4XImoTT
— Ali (@ali_charts) November 23, 2024
What are the chances of Dogecoin rising to $0.82?
Dogecoin price before Can rebound to a price of $0.82 To reach that level, it would first need to break above its long-term all-time high of $0.7316, a milestone that has not been broken in more than three years. At the time of writing, Dogecoin is trading at $0.4287, down slightly from its recent intraday peak of $0.4759.
This retracement indicates that the consolidation phase is not complete yet, as resistance appears to have formed near the $0.43 level, creating selling orders that must be overcome. To break out of its all-time high, Dogecoin will first need to decisively and consistently break above the $0.43 threshold, which remains a critical level to regain upward momentum.
interestingly, The nearest whale activity spot Potential upside for meme coins in the week ahead. On-chain data shows that large holders, or “whales,” have been actively accumulating, purchasing more than 550 million DOGE tokens worth an estimated $214.5 million.
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These whale addresses typically hold between 10 million and 100 million DOGE and are often seen as influential in shaping market trends. Their growing activity could be a sign of confidence in Dogecoin prices and provide the necessary support for Dogecoin prices to surge above $0.43 this week.
Featured images from DALL-E, charts from TradingView
