As the Christmas season approaches, the Dogecoin price, a major meme-based cryptocurrency, has experienced a remarkable resurgence. the DOGE has seen a significant price spike, reflecting broader bullish market trends. Bitcoin’s price, now hovering above $100k has further boosted optimism. Analysts hint that Dogecoin’s rally could exceed 30,000%, adding excitement to the market recovery.
Analyst Hints Next Dogecoin Price Rally Will be “Bigger Than” 2021’s 30,000% Gain
A crypto analyst shared an X post describing the possibility of an imminent DOGE price rally. The analysis suggests that this potential rally could surpass the massive gains seen in 2021, where DOGE skyrocketed by over 30,000%.
The expert demonstrates Dogecoin’s long-term price movements, showcasing a repeated trend of bullish breakouts following consolidation phases. In 2021, a similar breakout pattern resulted in a notable price surge. Currently, Dogecoin price appears to be approaching a comparable structure, with a sharp upward trajectory possibly ahead. If history repeats itself, the upcoming rally could yield returns even greater than its historic 2021 run, making it a crucial moment for DOGE enthusiasts and traders.
The Dogecoin price reached an all-time high of $0.7376 on May 8, 2021, during a bullish market rally. The value of DOGE is currently trading at $0.4075, reflecting a 1% gain in the past 24 hours. Over the past month, Dogecoin has shown significant upward momentum, boasting a 320% surge over the last year.
Retail Accumulate Dogecoins While Retail Sell
The retail sector has steadily increased its Dogecoin holdings over the past month. As of November 6, retail investors held approximately 1.92 billion DOGE. By December 14, this figure had risen to 1.96 billion DOGE, marking an accumulation of 40 million DOGE within a span of just over five weeks.
While retail investors are growing their holdings, whale investors appear to be taking profits. On November 6, whales held 9.31 billion DOGE. However, by December 14, this figure had declined to 9.02 billion DOGE, reflecting a reduction of 290 million DOGE over the same period.
DOGE Technical Analysis: Exploring Dogecoin’s Short-term Outlook
Dogecoin price is hovering around $0.40 as market activity shows bullish momentum signals. The Moving Average Convergence Divergence (MACD) indicator reflects waning bullish momentum. While the MACD line remains above the signal line, the convergence hints at potential price consolidation. The Awesome Oscillator (AO) highlights diminishing bullish strength, with a noticeable decrease in the green histogram bars.
If bullish forces prevail, the meme coin could surpass its $0.50 resistance level and eventually reach $0.60. In an optimistic scenario, the Dogecoin price forecast could challenge its all-time high (ATH) at $0.73. Extended bullish sentiment could also drive the price towards the psychological $1 mark. However, if bearish trends dominate, the price might decline towards the $0.40 support level or even lower.
Dogecoin’s potential for a rally surpassing 30,000% ignites excitement among traders. Historical patterns and bullish sentiment point to significant price action ahead, making this a pivotal moment for DOGE enthusiasts.
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