In X Post, Crypto analyst Ali shared his speculations on Dogecoin (DOGE), anticipating a 120% rally that could take it to a new all-time high at $0.82 if it breaks the bull flag pattern.
#Dogecoin $DOGE is breaking out of a bull flag, which anticipates a 120% rally to $0.82 as long as support at $0.37 holds. pic.twitter.com/JPrGIzBnUn
– Ali (@ali_charts) November 19, 2024
Elon Musk’s favorite memecoin, DOGE, surged over 180.04% in a month, taking its price from $0.14 to $0.39. However, DOGE is still far from its all-time high at $0.73.
Dogecoin Whales and Market Confidence
The DOGE rally was sparked by renewed investor confidence following Donald Trump’s victory. During the second term, Trump pledged to create pro-crypto policies and a safe environment for crypto innovations. Trump also nominated Elon Musk to propose the Department of Government Efficiency (DOGE).
Despite a small market correction in recent days, DOGE whales have started accumulating Dogecoins down from $0.35. According to the source, addresses of whales holding between 10 and 100 million DOGE increased exponentially between November 4 and 18.
Between November 17 and 18 alone, these whales collected 140 million Dogecoin, which represents approximately $56 million. These massive purchases could influence DOGE prices.
Technically speaking, DOGE price momentum has created a bull flag pattern, which is a bullish positive pattern that forms after the price consolidates in a descending range following a strong price rally.
Once the trend is broken, DOGE price could break above the flag’s upper trendline at $0.40 and rise as much as the height of the previous uptrend. This places the upper DOGE price target at $0.87, creating a new all-time high.
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