Last week marked a significant period for Dogecoin, as the cryptocurrency experienced a noteworthy price surge. Following a week of consolidation, Dogecoin began to rise on Friday, November 22, marking a rally of approximately 25 percent and achieving a new high for 2024.
This rally was characterized by a breakout from a bull flag pattern, sparking discussions about the potential for Dogecoin to reach an all-time high before the year concludes. The token surged to an intraday peak of $0.4759 on Saturday, suggesting a robust recovery following a brief period of stability at $0.43 that lasted since mid-November.
Analysts have taken note of the bullish breakout. Observations suggest that if Dogecoin maintains its upward trajectory, it could target a price level of $0.82, representing a significant increase of nearly 90% from its current position. However, attaining this goal necessitates overcoming the long-standing all-time high of $0.7316, a milestone that has remained unbroken for over three years.
Currently, Dogecoin is trading at $0.4205, experiencing a slight retreat from its recent peak, according to CoinMarketCap data, and indicates that the consolidation phase may still be in effect. Resistance appears to have formed around the $0.43 level, presenting a challenge that must be surmounted to regain upward momentum. A confirmed breach above this threshold could pave the way for further advances toward the all-time high.
Notably, recent activities among larger holders of Dogecoin, often referred to as “whales,” suggest potential continued support for the cryptocurrency’s price. On-chain data indicates that these influential market players have accumulated over 550 million DOGE tokens, valued at about $214.5 million. This trend of accumulation among sizeable wallets could bolster confidence in Dogecoin and facilitate a breakout above the critical $0.43 resistance level in the near future.
