Dogecoin surges 25% driven by increased whale activity, reaching its highest levels in years. Key resistance has been surpassed, fueling trader optimism for a potential 50% rally ahead.
In the past 24 hours, Dogecoin (DOGE), the leading memecoin, has seen impressive gains, jumping 25% amid strong market momentum. Bitcoin’s climb above $81,000 has sparked excitement, with November being dubbed “Moonvember” as the market greed index hits a high of 79. Dogecoin’s trading volume has spiked 188%, indicating renewed interest from both retail investors and large holders, known as “whales,” who have been rapidly accumulating DOGE.
Santiment data shows that whale wallets holding between 100 million and 1 billion DOGE have collectively increased their holdings, moving from 2.68 million to over 30.56 million DOGE in a short time. Historically, this accumulation pattern has often indicated market lows, suggesting potential for further price gains.
Dogecoin recently broke past a significant resistance level at $0.223, last seen in March 2024, reaching a three-year high of $0.30294. Over the past week, DOGE has surged by 85%, marking one of its largest rallies since 2021.
Additionally, Coinglass reports a 19% increase in DOGE’s Open Interest over the same period, reflecting high market confidence and signaling further upside potential.
Can DOGE Achieve a Historic Rally? Technically, Dogecoin is trading above its 200-day Exponential Moving Average (EMA) on the daily chart—a bullish sign indicating continued upward momentum. Analysts suggest that if DOGE closes above $0.289, it could rally another 50%, reaching $0.38 in the near term. Coupled with current bullish sentiment, Dogecoin is well-positioned for further gains, as long as it maintains this key support level.
As of the latest update, Dogecoin trades around $0.2782. Community sentiment is overwhelmingly positive, with 86% in favor, though the daily RSI of 86 indicates an overbought condition.
