Dogecoin

bullish

when

Chainlink

Dogecoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/doge-price-index" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/doge-price-index">DOGE</a>) price has displayed resilience over the past two weeks with a range consolidation between $0.34 and $0.46 since Nov. 12. The memecoin is the <a data-ct-non-breakable="null" href="https://www.coingecko.com" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.coingecko.com">sixth most traded</a> asset by 24-hour volumes (excluding USDT), retaining overall market interest.
<figure><img alt="Dogecoin, Markets, Price Analysis, Memecoin" src="https://s3.cointelegraph.com/uploads/2024-12/019390ad-7bf2-7a5e-ba0c-110ef01b746d" title="">
 <figcaption style="text-align: center;">
 Dogecoin 1-day chart. Source: Cointelegraph/TradingView
 </figcaption>
</figure>
With DOGE technicals becoming more favorable in the chart, multiple analysts predicted that the original meme token is approaching a breakout.
<h2 id="doge-transactions-in-the-100-000-to-1-million-range-surge">DOGE transactions in the $100,000 to $1 million range surge</h2>
While DOGE prices have oscillated sideways over the past two weeks, whale transactions worth over $100,000 and $1 million have progressively increased over the past few days. Data from Santiment <a data-ct-non-breakable="null" href="https://app.santiment.net/charts/9jrlI2Kv__sCl" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://app.santiment.net/charts/9jrlI2Kv__sCl">highlighted</a> that addresses executing transactions worth more than $100,000 and $1 million have collectively acquired over 240 million DOGE tokens in December.
<figure><img alt="Dogecoin, Markets, Price Analysis, Memecoin" src="https://s3.cointelegraph.com/uploads/2024-12/01939117-6851-7e66-963a-e8d26e00eb6d" title="">
 <figcaption style="text-align: center;">
 Dogecoin transaction count chart. Source: X.com
 </figcaption>
</figure>
This accumulation trends could be a trigger for the next leg of a DOGE price rally.
<figure><img alt="Dogecoin, Markets, Price Analysis, Memecoin" src="https://s3.cointelegraph.com/uploads/2024-12/01939130-e1de-7ea2-ae4d-00393dcc5e7c" title="">
 <figcaption style="text-align: center;">
 Dogecoin open interest chart. Source: CoinGlass
 </figcaption>
</figure>
Similarly, futures traders are&nbsp;<a data-ct-non-breakable="null" href="https://www.coinglass.com/BitcoinOpenInterest" rel="noopener noreferrer nofollow" target="null" text="null" title="null">also maintaining&nbsp;</a>their interest in DOGE’s movement. The memecoin’s open interest reached a new all-time high of $4.05 billion on Nov. 24. OI has dropped to $3.48 billion since then, but the relative involvement remains at all-time high levels.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-flash-crash-likely-liquidations-crypto-analyst" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/crypto-flash-crash-likely-liquidations-crypto-analyst">Related: Crypto analyst says ‘flash crash likely’ as 24-hour liquidations hit $618M</a>
<h2 id="dogecoin-could-pull-a-god-candle">Dogecoin could pull a “god candle”</h2>
Alongside onchain data, Dogecoin’s mid-term and long-term charts exhibit favorable setups, which has caught multiple analysts’ attention. Mikybull, an independent analyst, observed the formation of a rising wedge pattern, which is forming a bullish confluence with the on-balance volume indicator.
<figure><img alt="Dogecoin, Markets, Price Analysis, Memecoin" src="https://s3.cointelegraph.com/uploads/2024-12/0193913d-c905-788d-abb3-6f9576914af4" title="">
 <figcaption style="text-align: center;">
 Dogecoin 2-day chart analysis by Mikybull. Source: X.com
 </figcaption>
</figure>
The trader saw this as a potential opportunity and said,
<blockquote>
 “<a data-ct-non-breakable="null" href="https://x.com/search?q=%24DOGE&amp;src=cashtag_click" rel="noopener noreferrer nofollow" target="null" text="null" title="null">$DOGE</a> is about to pull another god candle to $1.”
</blockquote>
Similarly, Trader Tardigrade <a data-ct-non-breakable="null" href="https://x.com/TATrader_Alan/status/1863921131453083811" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/TATrader_Alan/status/1863921131453083811">highlighted</a> a historical pattern that has systematically played out in previous bull markets. The chart illustrated that the price action demonstrates a double bottom at the end of its previous cycle, followed by a breakout above the overhead resistance trendline.
<figure><img alt="Dogecoin, Markets, Price Analysis, Memecoin" src="https://s3.cointelegraph.com/uploads/2024-12/01939141-7a7a-7901-a8c8-4e22ec1f867e" title="">
 <figcaption style="text-align: center;">
 Dogecoin monthly chart analysis by Trader Tardigrade. Source: X.com
 </figcaption>
</figure>
Once a bullish close was confirmed, DOGE’s price has repeatedly undergone a parabolic rally. DOGE pulled off this bullish confirmation above the overhead trendline in November (as shown in the chart), opening the possibility of another strong rally.
Based on <a data-ct-non-breakable="null" href="https://x.com/AltstreetBet/status/1864151539645866159" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/AltstreetBet/status/1864151539645866159">Elliot's wave theory</a>, Altstreet Bets, an anonymous altcoin trader, expected a 60% return to around $0.68- to 0.72 over the next few days, stating that “$DOGE is ready to run again.”
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/chainlink-god-candle-link-price-soars-27-24-hours" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/chainlink-god-candle-link-price-soars-27-24-hours">Related: Chainlink ‘god candle’ appears as LINK price soars 27% in 24 hours</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Dogecoin rally to $1 imminent after recent bullish chart development — Analyst

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