Dogecoin Extends Upside Momentum - Can This Lead to a Breakthrough Above $0.82?

Last week was another positive period for Dogecoin's price. After ending the previous week in consolidation, the meme cryptocurrency carried this trend into the early days of the new week. However, Dogecoin's price launched a new 25% price increase on Friday, November 22, to create a new high for 2024. Interestingly, this new price increase saw Dogecoin's price break a flagpole for upward price movements. Such a price increase highlights the prospect of Dogecoin reaching a new record high before the end of the year. Dogecoin price surges, preparing to break through to $0.82 The king of meme coins Dogecoin rose about 25% at the end of the week, reaching a high of $0.4759 on Saturday. This price increase is particularly noteworthy as it demonstrates that Dogecoin prices have continued to rise after a short consolidation since reaching $0.43 on November 14. Famous cryptocurrency analyst Ali Martinez highlighted the importance of this price increase in a post on X, drawing attention to Dogecoin's breakthrough on the bullish flag pattern. According to Martinez, this technical breakthrough could set the stage for a much larger price increase, with his prediction targeting a price move towards $0.82. If achieved, this price level would represent an impressive increase of about 90% compared to Dogecoin's current price.

How much is the potential for Dogecoin to rise to $0.82? Before Dogecoin's price can rise to $0.82, it first needs to surpass the long-standing all-time high of $0.7316, a milestone that has remained unbroken for over three years. At the time of writing, Dogecoin is trading at $0.4287, reflecting a slight retreat from the recent daily peak of $0.4759. This retreat indicates that the consolidation phase is not yet complete, as the resistance level seems to have formed near the $0.43 mark and has created a strong selling barrier. In order to break the all-time high, Dogecoin must first achieve a decisive and sustainable breakthrough above the $0.43 threshold, which is still an important level to regain upward momentum. It's interesting, recent whale activity indicates an increasing potential for the meme coin in the coming week. On-chain data shows that large holders, or "whales", have been actively accumulating, buying over 550 million DOGE tokens worth an estimated 214.5 million dollars. These whale addresses typically hold anywhere from 10 million to 100 million DOGE, often seen as influential in shaping market trends. Their increasing activity could signal confidence in the Dogecoin price and provide crucial support for a significant breakthrough above $0.43 this week.