NewsBTC
25 November 2024
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Dogecoin Price Rallies 25% to Reach New High of $0.4759

Last week, Dogecoin experienced a positive price trend after a consolidation phase. On Friday, November 22, Dogecoin initiated a rally of 25%, reaching a new high for 2024.

This rally involved breaking out of a bull flag pattern, raising speculation about the possibility of Dogecoin achieving a new all-time high before year-end.

Dogecoin Price Rally Targets $0.82

Dogecoin surged approximately 25% by Saturday, hitting an intraday high of $0.4759. This increase indicates a potential resumption of upward movement following a brief consolidation period that began after hitting $0.43 on November 14.

Crypto analyst Ali Martinez noted the significance of this breakout, suggesting it could lead to a larger rally targeting $0.82, which would represent a nearly 90% increase from the current price.

Feasibility of Dogecoin Rally to $0.82

To reach $0.82, Dogecoin must first surpass its long-standing all-time high of $0.7316, unbroken for over three years. Currently, Dogecoin trades at $0.4287, reflecting a slight pullback from its recent high.

This retreat suggests ongoing consolidation, with resistance near the $0.43 level creating a sell wall that needs to be breached. A decisive break above $0.43 is crucial for regaining upward momentum.

Recent whale activity indicates potential for a price increase. Large holders have accumulated over 550 million DOGE tokens valued at approximately $214.5 million, signaling confidence in Dogecoin's price and providing support for breaking above $0.43.

Featured image from DALL-E, chart from TradingView