The meme coin king, Dogecoin, is making headlines once again as it extends its rally, with investors speculating whether this surge could finally push its price beyond the long-standing all-time high of $0.7316. This bullish momentum, which started to gain traction last week, has captured the attention of traders and analysts alike, as the coin inches closer to a potential breakout milestone at $0.82—a level that could redefine DOGE’s trajectory in the final stretch of 2024.
DOGE began last week in a phase of relative calm, continuing its consolidation trend from earlier in November. However, the calm was short-lived as the price kicked off a remarkable 25% rally on Friday, November 22. This surge saw DOGE climb to an intraday high of $0.4759 on Saturday, marking a new 2024 peak and reigniting hopes for a sustained bull run.
Despite the optimism surrounding Dogecoin’s recent performance, significant hurdles remain on the path to $0.82. First, the coin must surpass its long-standing all-time high of $0.7316, a level that has proven resistant for over three years. The current pullback to $0.4287 highlights the persistence of selling pressure near $0.43, which has emerged as a key resistance point.
For DOGE to regain upward momentum, it must decisively breach this $0.43 threshold and sustain its position above it. Achieving this would pave the way for a test of the $0.7316 level, which could act as a springboard for the $0.82 target. However, failure to overcome these resistance points could lead to prolonged consolidation or even a retracement, dampening the bullish narrative.
#Dogecoin $DOGE is in the middle of a bullish breakout to $0.82! https://t.co/KjLJQ7ZkNm pic.twitter.com/Rib4XImoTT
— Ali (@ali_charts) November 23, 2024
Whale Activity Signals Growing Confidence of Dogecoin
One of the most intriguing aspects of Dogecoin’s recent rally is the surge in whale activity. On-chain data reveals that large holders, or “whales,” have been actively accumulating DOGE tokens in significant quantities. Over the past week, whales purchased more than 550 million DOGE, valued at approximately $214.5 million.
These whales, who typically hold between 10 million and 100 million DOGE, are often seen as market influencers due to the scale of their transactions. Their increased activity suggests growing confidence in Dogecoin’s potential for further gains. This accumulation trend could provide a strong support base for the coin, helping it overcome the $0.43 resistance level and fueling its march toward $0.82.
As the crypto market enters the final weeks of 2024, DOGE’s performance will be closely watched by traders, analysts, and enthusiasts. The next key milestones—breaking the $0.43 resistance, retesting the $0.7316 all-time high, and potentially reaching $0.82—will determine whether this rally is a fleeting surge or the beginning of a new era for the meme coin. Regardless of the outcome, Dogecoin’s journey in 2024 serves as a reminder of the crypto market’s unpredictability and the unique role that meme coins continue to play in shaping its landscape. For now, the question remains: Can DOGE break through and set a new all-time high, or will resistance prove too strong in the face of its ambitious rally?
Related news: Dogecoin Activity Jumps: 41% Surge in Whale Transactions, 35% Rise in Active Wallets
