Dogecoin price has significantly benefited from the ongoing crypto cash rotation to the altcoin market as Bitcoin dominance signals an imminent reversal.
After an imposing rally in the past few weeks, Dogecoin price DOGE $0.12 24h volatility: 2.4% Market cap: $18.68 B Vol. 24h: $789.42 M has confirmed the onset of the macro bull run in the coming months. The large-cap meme coin, with a market valuation of about $54 billion and a daily average traded volume of over $15 billion, has consistently closed above the former resistance level of around 22 cents.
In the weekly time frame, DOGE price against the US dollar has been forming higher highs and higher lows in the past 12 months, an established characteristic of a rising trend. Moreover, Dogecoin’s weekly Relative Strength Index (RSI) has consistently closed above the 70 percent level for the first time since April, this year.
Additionally, Dogecoin price, in the weekly time frame, has experienced the second golden cross between the 50 and 200 Moving Averages (MA).
The first time that Dogecoin price experienced a weekly golden cross resulted in a more than 7,000 percent rally against the US dollar in the subsequent months.
According to a crypto analyst alias Trader Tardigrade on the X platform, Dogecoin price has been forming a potential bullish pennant with the next major target of about $0.9. In case of further selloff in the coming weeks, Dogecoin price should find a robust support level above 33 cents, which was the previous highest monthly close.
#Dogecoin next stop: $0.9 🚀$DOGE is forming another Bull Pennant. The previous pennant brought $doge from <$0.2 to $0.3 while the current one is aiming at $0.9 pic.twitter.com/kAotib7dPJ
— Trader Tardigrade (@TATrader_Alan) November 15, 2024
Dogecoin Bulls Accumulates More on Robust Fundamentals
The Dogecoin network has attracted more investors over the years, due to the unwavering support from Elon Musk and his family of unicorns. As Coinspeaker has previously pointed out, Dogecoin has managed to remain the top meme coin due to the notable adoption by institutional investors led by Spirit Blockchain Capital Inc (CSE: SPIR).
According to the latest on-chain data, the Dogecoin network has more than 5.3 million holders and deep liquidity due to listing on all major exchanges. Among the Dogecoin holders is a rising number of whale investors, speculating on the meme coin space to lead the highly anticipated altseason.
#Dogecoin whales bought 140 million $DOGE in the past 24 hours, worth around $56 million! pic.twitter.com/ROFi7giNXy
— Ali (@ali_charts) November 15, 2024
In the past 24 hours, Dogecoin whales accumulated 140 million DOGE units, worth more than $56 million. As the big money flows into Dogecoin, the confidence for the next rally akin to the 2020 bull market continues to grow exponentially. The Dogecoin network offers crypto miners an option to earn more income while still securing the ecosystem.
Meanwhile, the recent announcement of the Department Of Government Efficiency (D.O.G.E) by President-elect Donald Trump has significantly helped raise awareness of the dog-themed meme coin. Moreover, Musk is expected to lead the program in helping the US government achieve optimum efficiency.
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