Dogecoin (DOGE) price has shown resilience over the past two weeks, consolidating a range between $0.34 and $0.46 since November 12th. Memecoin remains the 6th most traded asset by 24-hour volume (excluding USDT), maintaining overall market interest.
Dogecoin 1 day chart. Source: Cointelegraph/TradingView
With DOGE technology trending more favorably on the charts, several analysts predicted that the original meme token was approaching a breakthrough.
DOGE transactions in the $100,000 to $1 million range surge
DOGE prices have been flat for the past two weeks, but over the past few days there has been a gradual increase in whale trading above $100,000 and $1 million. Santiment’s data highlighted that it covered trade executions worth over $100,000 and $1 million, acquiring a total of over 240 million DOGE tokens in December.
Dogecoin transaction count chart. Source: X.com
This accumulation trend could trigger the next phase of the DOGE price rally.
Dogecoin open interest chart. Source: Coinglass
Likewise, futures traders also remain interested in DOGE’s movements. MEMCOIN’s open interest reached an all-time high of $4.05 billion on November 24. OI has since fallen to $3.48 billion, but relative engagement remains at an all-time high.
Related: Crypto analyst says 24-hour liquidation reaches $618 million, ‘flash crash likely’
Dogecoin Could Pull the “God’s Candle”
Dogecoin’s mid- to long-term charts along with on-chain data show favorable setups, attracting the attention of several analysts. Independent analyst Mikybull observed a rising wedge pattern forming, forming a bullish confluence with the balanced volume indicator.
Dogecoin 2-day chart analysis by Mikybull. Source: X.com
The merchant saw this as a potential opportunity and said:
“$DOGE is about to pull another fresh candle to $1.”
Likewise, trader Tardigrade highlighted historical patterns that had systematically developed in previous bull markets. The chart shows the price action showing a double bottom at the end of the previous cycle followed by a breakout of the overhead resistance trendline.
Dogecoin monthly chart analysis by Trader Tardigrade. Source: X.com
Once the bull market close was confirmed, the price of DOGE underwent repeated parabolic rallies. DOGE generated this strength confirmation above November’s overhead trendline as shown on the chart, opening the possibility for another strong rally.
“$DOGE is ready to run again,” said Altstreet Bets, an anonymous altcoin trader based on Elliot’s wave theory, predicting a 60% gain to around $0.68-$0.72 over the next few days.
Related: Chainlink ‘God Candle’ emerges as LINK price surges 27% in 24 hours
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.