Dogecoin (DOGE) has been skyrocketing last several weeks breaking through long-standing resistance levels and sparking excitement with its “only up” momentum.
The meme coin leader’s impressive rally has drawn fresh attention, reaffirming its dominance in the meme coin space. As prices soar, analysts and traders are keeping a close eye, with growing anticipation that Dogecoin could climb even higher.
According to data from Santiment, Dogecoin whales accumulated more than $160 million worth of DOGE over the weekend. This significant whale activity lends credibility to the bullish narrative surrounding DOGE, suggesting that key market players are positioning themselves for continued upside. Historically, significant buy-ins like this have often signaled major price shifts, fueling optimism that Dogecoin’s upward momentum could continue. So where is the price of Dogecoin (DOGE) going next, and what can we expect from the rest of December 2024?
Today, Crypto Lists will discuss Dogecoin (DOGE) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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- 1 Dogecoin draws its strength from its enthusiastic community
- 2 Significant whale activity
- 3 Technical analysis for Dogecoin (DOGE)
- 4 Important support & resistance levels for Dogecoin (DOGE)
- 5 What speaks for the rise in the Dogecoin (DOGE) price
- 6 What indicates the downfall of Dogecoin (DOGE)
- 7 What do analysts and experts say?
Dogecoin draws its strength from its enthusiastic community
Dogecoin was introduced in December 2013 by programmer Billy Markus and marketer Jackson Palmer, who conceived the coin as a humorous nod to the Doge meme. The fascination with this cryptocurrency emerged during a period when developers were only starting to delve into the potentials unlocked by Bitcoin’s creation, and to this day, DOGE is still exchanged, predominantly for tipping online content creators or for crowdfunding efforts.
While Dogecoin might not seem as appealing for investment because of its unlimited supply, it’s important to highlight that the cryptocurrency’s main asset lies in its committed and passionate community. The potential for DOGE adoption could expand even further and many crypto analysts agree that Dogecoin’s cultural relevance and humor give it a distinct advantage over other, more niche cryptocurrencies.
The price of Dogecoin (BCH) has skyrocketed from levels that were below $0.15 on November 03, 2024, and it has reached levels above $0.48 this trading week. Even though Dogecoin draws its strength from a passionate community, many crypto analysts link this positive trend in the crypto market to Donald Trump’s decisive victory in the U.S. presidential election. Crypto analysts think that Donald Trump’s critical stance on centralized financial systems, coupled with his unpredictable approach to economic policy, may lead to renewed interest in decentralized assets.
It is also important to mention that Elon Musk, a vocal advocate for Dogecoin, played a notable role in Donald Trump’s 2024 campaign by leveraging his influence through X (formerly Twitter) and providing significant financial backing. His alignment with Trump’s platform underscored his commitment to policies emphasizing innovation, free speech, and economic reform, which resonated with his own public persona and business interests.
Following Trump’s victory, Musk has taken on a role in the administration, focusing on streamlining government operations and applying technological innovations to improve efficiency. This involvement highlights his growing influence not only in technology but also in politics.
Supply: 132,599,996,416 / -2
Release date: December 13, 2013
Description: Discover Dogecoin and be part of the cryptocurrency revolution.
Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.
Significant whale activity
Dogecoin’s (DOGE) impressive rally in the last several weeks has drawn fresh attention, reaffirming its dominance in the meme coin space. As prices soar, analysts and traders are keeping a close eye, with growing anticipation that Dogecoin could climb even higher. Data from Santiment reveals that Dogecoin whales accumulated over 160 million $DOGE during the weekend. This notable activity among large holders bolsters the bullish sentiment surrounding DOGE, indicating that influential market participants may be positioning for further price gains.
According to IntoTheBlock data, Dogecoin’s large transaction volume has increased by 40.1% in the last 24 hours. Large transactions refer to those greater than $100,000 and a surge in the metric usually indicates strong buying or selling pressure. Moreover, Dogecoin’s December performance over the past decade offers hope for bullish sentiment this year. For instance, DOGE recorded an outstanding 337.5% gain in December 2017 and a more moderate rally of 32.4% in 2020. Last year, DOGE’s price grew moderately by 7.01%. This historical trend now positions DOGE as a cryptocurrency to watch this holiday season.
While the outlook for Dogecoin is optimistic, there are still significant risks to consider. Dogecoin’s momentum remains heavily influenced by Bitcoin, which is currently testing the pivotal $100,000 level. Should Bitcoin fail to stabilize above this psychological barrier in the days ahead, it could trigger a broader market correction, potentially pulling DOGE and other cryptocurrencies down with it.
Technical analysis for Dogecoin (DOGE)
Dogecoin (DOGE) has been in a positive mood in the last several weeks, advancing from a low of $0.14 (November 03, 2024) to a high of $0.48 reached on December 08, 2024. The current DOGE price stands at $0.45, and despite the minor correction, bulls continue to control the price movement. A break above the $0.50 level would indicate that DOGE could probably test the price level at $0.60. As long the price of DOGE is above the line that I marked on the chart below, there is no risk of a bigger sell-off.
Important support & resistance levels for Dogecoin (DOGE)
On this chart (the period from March 2024), I marked important support and resistance levels that can help traders understand where the price could move. Dogecoin (DOGE) has been advancing since November 03, 2024, and if the price advances above $0.50, the next target could be resistance that stands at $0.60.
The important support level is $0.40, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.35. If the price drops below $0.30, which represents very strong support, the next target could be located around $0.20.
What speaks for the rise in the Dogecoin (DOGE) price
Dogecoin whales increased their activity this trading week, which demonstrates renewed interest and confidence in Dogecoin, but investors should keep in mind that cryptocurrency markets are notoriously volatile, and while positive developments can trigger substantial price increases, they also carry potential risks.
According to Santiment, Dogecoin whales amassed over 160 million $DOGE over the weekend. This surge in activity among major holders supports the growing bullish sentiment around DOGE, hinting that key players in the market may be preparing for further price increases. Dogecoin (DOGE) could easily advance above the current price levels, especially if Bitcoin and other major cryptocurrencies show positive developments.
What indicates the downfall of Dogecoin (DOGE)
The downfall of Dogecoin (DOGE) can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends.
The highly volatile nature of the cryptocurrencies may scare investors to sell DOGE if some negative news happens in the cryptocurrency market and because of this, investing in DOGE involves a significant degree of unpredictability and substantial risk. Before investing in Dogecoin, it’s crucial to do your research, understand the risks, and consider your investment goals and risk tolerance.
What do analysts and experts say?
Numerous crypto analysts have the opinion that Dogecoin (DOGE) is a promising project that could have a bright future, and this crypto will likely continue to play a significant role in the cryptocurrency market. Dogecoin (DOGE) has experienced a notable price surge, rising from below $0.15 in early November 2024 to above $0.48 last week.
While the meme coin has traditionally relied on its enthusiastic community, many analysts point to broader market influences for this rally, particularly the victory of Donald Trump in the 2024 U.S. presidential election. Trump’s policies, which have been favorable to cryptocurrencies, have sparked renewed optimism in the market.
His stance on decentralized financial systems and his unpredictable economic approach are believed to be driving interest in assets like Dogecoin. At the same time, Elon Musk remains a steadfast supporter of Dogecoin, and the potential for DOGE adoption could expand further if it becomes integrated into new products and services offered by his companies.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
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