Dogecoin price has surged, helped by the ongoing crypto bull run and the risk-on sentiment among investors. With the bullish momentum continuing, let us explore how high DOGE can rise in 2024.
Dogecoin Price Analysis: Technicals Are Favorable
DOGE price has some favorable technicals that could push it significantly higher this year. It recently flipped the important resistance level at $0.2280 into a support level. This was a key level because it was its highest level in March this year. It was also the upper part of the double-top pattern, which often leads to a bearish breakout.
Dogecoin has moved above the 50-day and 200-day Exponential Moving Averages (EMA). It is also gaining momentum as the Average Directional Index (ADX) has moved to 30 and is pointing upwards. The ADX is a popular indicator used to measure the strength of a trend.
The value of DOGE has moved above the 50% Fibonacci Retracement level, while the Market Value to Realized Value (MVRV) indicator has also pointed upwards at $2.8. Therefore, the bullish momentum could push it to the $0.7350, its highest level on record, which is about 90% above the current level. A break above $0.7350 will increase the chance of the coin rising to $1, 156% above the current level.
The bullish view will become invalid if the Dogecoin price crashes below the important support at $0.2280. If this happens, the coin will drop and retest the psychological level at $0.10.
Dogecoin Price Chart
DOGE Whales Are Accumulating
The ongoing DOGE price forecast is likely a reason why whales have continued to accumulate the coin. According to Ali Charts, these whales have bought tokens worth $245 million since last week, a trend that is continuing.
Dogecoin Whales Are Buying
Dogecoin volume in the spot and futures market has increased. Data shows that this volume stood at over $10 billion in the last 24 hours, a figure that is higher than Shiba Inu, Pepe, Bonk, and Floki, combined. This is a sign that the coin is gaining interest from investors.
At the same time, crypto analysts remain being bullish on the coin, citing the recent elevation of Elon Musk to lead the Department of Government Efficiency (DOGE). In a post, Trader Koala said that DOGE had some of the best-looking chart and that the biggest risk was if the DOGE was eliminated.
The other potential catalyst for Dogecoin is a potential approval of a DOGE ETF, which analysts expect will happen in 2025.
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