Dogecoin Price Jumps 5%: Key Indicators Signal Potential for All-Time Highs
Dogecoin (DOGE) is gaining momentum, with its price rising 5% in the last 24 hours to $0.3918, outperforming the broader cryptocurrency market, which saw a modest 0.9% gain, bringing total market capitalization to $3.09 trillion. The surge in DOGE price, coupled with promising technical and on-chain metrics, suggests that the world’s most popular memecoin could be on the verge of hitting new all-time highs in the coming weeks.
DOGE’s Strong Performance
Data from Cointelegraph Markets Pro and TradingView reveals a steady uptrend in DOGE over the past two weeks. Since reaching a low of $0.1420 on November 3, Dogecoin has surged by an impressive 209%, peaking at a three-year high of $0.4329 on November 12.
Currently, DOGE trades 11% below this recent high, but market dynamics hint at further upside potential.
Elon Musk and the D.O.G.E. Effect
Dogecoin’s bullish momentum has been fueled by increasing investor interest, amplified by U.S. President-elect Donald Trump’s victory, and discussions surrounding the proposed Department of Government Efficiency (D.O.G.E.). Social media has also played a pivotal role in driving attention toward Dogecoin, with mentions of the memecoin surging across platforms.
Investor enthusiasm reached a new high when Trump announced Elon Musk would lead the proposed department alongside Vivek Ramaswamy. Musk, often referred to as the “Doge Father,” wields significant influence over DOGE’s price, with his posts on the X platform typically triggering sharp price movements.
While recent price consolidation has dampened the initial
excitement, Google Trends data shows that investor interest in Dogecoin is still building. Although current levels of interest are the highest since 2021, they remain below the peak observed in May 2021, when DOGE hit its all-time high of $0.7376. This indicates that retail investors remain largely on the sidelines, leaving room for further gains.
Whale Activity Supports Bullish Case
On-chain data reveals strong accumulation by Dogecoin whales during the recent market correction. Between November 4 and November 18, whale addresses holding between 10 million and 100 million DOGE increased their holdings significantly.
These large investors purchased approximately 140 million DOGE (valued at $56 million) during this period, particularly between November 17 and 18. This accumulation has likely contributed to DOGE’s rebound to the $0.38 range, as whales position themselves for potential higher prices.
Technical Analysis: Bull Flag Points to $0.87 Target
From a technical perspective, Dogecoin has formed a bull flag pattern on its daily chart. A bull flag is a continuation pattern that signals potential for further upside after a period of consolidation within a downward-sloping range.
DOGE is approaching a critical breakout point near $0.40, the upper trendline of the flag. A successful breakout above this level could push Dogecoin toward a target of $0.87, representing new all-time highs. This target is calculated based on the height of the preceding rally added to the breakout point.
However, caution is warranted as Dogecoin’s daily Relative Strength Index (RSI) remains in the overbought zone at 77, suggesting a higher probability of a short-term pullback.
Potential Pullback Levels
If DOGE faces rejection at the $0.40 level, a correction could see a retest of the flag’s lower trendline around $0.355. A deeper pullback could drive the price toward the psychological support at $0.30, which could provide a buying opportunity for investors.
