- Technical indicators suggest that Dogecoin could rebound by 2,400%, with targets as high as $1.79.
- On-chain activity, whale trading, and strong social sentiment bolster DOGE’s breakout potential.
Dogecoin (DOGE) is once again generating excitement in the crypto market, with technical patterns indicating the potential for a massive rally against Bitcoin (BTC). A CNF precedent job pointed out that this “Dogecoin Killer” attracts whales with a potential return on investment of 40,000%, while the price of Bitcoin breaks records.
A breakout of a multi-year descending channel suggests DOGE could rise as much as 2,400%, reaching a target of 0.00009375 BTC.
According to expert ratings common On CoinLedger, key indicators such as MACD and 200-day moving average confirm growing bullish momentum, signaling a strong uptrend.
While Bitcoin is often considered the best choice for long-term investing, Dogecoin is a favorite of traders looking for short-term profits.
On-chain data signals renewed interest:
Recent on-chain metrics reinforce bullish trend outlook for DOGE. Active addresses jumped to more than 1.6 million by the end of November, reflecting increased network activity and investor interest. Historical data suggests that similar spikes often precede major price increases.
Additionally, whale activity has intensified, with large transactions suggesting institutional interest in Dogecoin’s potential.
Social sentiment and price projections:
Currently, social media buzz around Dogecoin remains high, increasing its chances of thriving in the current market cycle. Fibonacci extensions project resistance at $0.78 and a long-term target of $1.79, aligning with DOGE/BTC breakout levels. As note by experts:
Bitcoin’s primary role is to act as “digital gold” and enable secure peer-to-peer transactions.
Dogecoin, on the other hand, is designed as a fun and light-hearted alternative to Bitcoin, attracting audiences with its meme-based charm.
While optimism is strong, traders are advised to monitor psychological resistance points like $1 to manage risk as Dogecoin approaches these targets. Dogecoin’s alignment across technical, on-chain, and social factors places it as a notable potential player in the middle of Bitcoin. consolidationpaving the way for a remarkable 2,400% rally.
At the time of writing, Dogecoin (DOGE) is trading at $0.4237reflecting a 3.08% daily decrease but a 4.67% weekly increase.