In X post, Crypto analyst, Ali shared his speculation about 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 the $0.37 support holds. pic.twitter.com/JPrGIzBnUn
— Ali (@ali_charts) November 19, 2024
Elon Musk’s favorite memecoin, DOGE, has surged over 180.04% in a month, lifting 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 rally in DOGE was triggered following the boosted confidence of investors thanks to Donald Trump’s victory. In the second term, Trump has vowed to create pro-crypto policies and a safe environment for crypto innovations. Trump has also nominated Elon Musk to propose the Department of Government Efficiency (D.O.G.E.).
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Despite a small market correction in the last few days, DOGE whales have started accumulating Dogecoins at the drop of $0.35. According to the source, whale addresses holding between 10 million and 100 million DOGE have soared exponentially between Nov 4 and Nov 18.
Only between Nov 17 and Nov 18, these whales collected 140 million Dogecoin, which is worth around $56 million. These massive purchases could influence DOGE prices.
Technically speaking, the momentum in DOGEs price has created a bull flag pattern, which is a bullish positive setup that forms after the price consolidates inside a down-sloping range following a sharp price rally.
Once the pattern breaks, the price of DOGE could surpass the upper trendline of the flag at $0.40 and surge by as much as the previous uptrend’s height. This puts the upper target for DOGE price at $0.87, creating a new all-time high.
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Also Read: Elon Musk Owns Dogecoin, Shares Space X’s Bitcoin Relation!
