Bitcoin, the leading cryptocurrency, soared to a new all-time high of $80,100 on November 10, triggering a broader market breakout. While most major altcoins followed the same momentum, the meme cryptocurrency experienced a high-momentum rally driven by its inherent volatility and appeal among speculative traders. With an 80% weekly surge, the Dogecoin price rallied to a 3-year high of $0.297.
By press time, DOGE price had traded at $0.26 with an intraday gain of 3.2%. According to Coingecko, the asset market cap holds at $38.4 Billion with a 24-hour trading volume of $12.7 Billion.
Can Dogecoin Price Break $0.15 by the End of October?
Since early September, the dog-themed memecoin Dogecoin witnessed a steady recovery, initiated at the bottom support of $0.091. The formation of fresh higher highs and lows backed by increasing training volume accentuates the buyers’ conviction to drive a sustained uptrend.
However, the cryptocurrency market experienced an accelerated recovery this week following Donald Trump’s victory as the 47th President of the United States. Thus, the Dogecoin price records a sharp $0.148 to $0.268, registering a growth of 80%.
An analysis of the weekly chart shows the massive green candle gives a breakout from the $0.228 neckline of a cup and handle pattern. This pattern begins with the “cup,” created by a rounded bottom following a decline, signifying a gradual recovery phase as selling pressure subsides and buyers return. The subsequent “handle” forms a brief consolidation or pullback near the resistance level, recuperating the exhausted bullish breakout.
If the breakout is sustained, the Dogecoin price prediction could target $0.4, accounting for a 53% potential surge.
Whale Accumulation Signals Potential Trend Reversal for DOGE
According to Santiment data, whale wallets holding between 100 billion and 1 billion coins have significantly increased their accumulation, rising from 2.68 million coins to 30.56 million coins.
This substantial increase highlights strong confidence among large investors in the asset’s long-term potential. Historical data shows whale accumulation has often coincided with major market bottoms, indicating a potential trend reversal for Dogecoin price.
On the contrary, if the Dogecoin price fails to sustain above the C&H neckline, the sellers could strengthen their grip over these assets and prolong the sideways trend.
Frequently Asked Questions (FAQs)
Dogecoin’s rally was fueled by Bitcoin’s all-time high of $80,100, triggering a broader market breakout. The surge was further supported by the completion of a cup and handle pattern
If the breakout from the cup and handle pattern is sustained, Dogecoin’s price could target $0.40
Santiment data shows whale wallets holding between 100 billion and 1 billion coins have increased their accumulation from 2.68 million to 30.56 million coins. Such whale activity often signals confidence in long-term growth and aligns with market bottom signals, suggesting a potential trend reversal.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/whats-next-for-dogecoin-price-after-80-weekly-surge/
✓ Share: