Dogecoin ($DOGE) has surged past the crucial $0.111 resistance level, where over 36 billion DOGE are held by 62,270 addresses.
If DOGE maintains this level, it could confirm a bullish breakout, opening the door for further gains. With no significant supply barriers in sight, the path toward $0.150 appears clear.
#Dogecoin has surged past the $0.111 resistance, where 62,270 addresses hold over 36 billion $DOGE. If #DOGE holds this level, it could confirm a bullish breakout. With no major supply walls in sight, the path to $0.150 looks clear! pic.twitter.com/4L0zI4s72z
— Ali (@ali_charts) September 26, 2024
In the past 48 hours alone, Dogecoin whales have bought more than 1.40 billion DOGE, valued at approximately $140 million, signaling strong interest from large investors. This accumulation highlights growing confidence in the token’s future price potential.
#Dogecoin whales bought over 1.40 billion $DOGE in the past 48 hours, worth around $140 million! pic.twitter.com/mBXMti2y3V
— Ali (@ali_charts) September 26, 2024
Adding to the optimism, $DOGE recently broke out of both its Relative Strength Index (RSI) and price downtrends, which had lasted for months. The breakout also triggered a buy signal from the SuperTrend indicator, further suggesting upward momentum for the meme coin.
#Dogecoin looks strong! #DOGE got an RSI and price breakout from multi-month downtrends, and $DOGE also got a buy signal from the SuperTrend indicator. pic.twitter.com/U2I8rpfPYB
— Ali (@ali_charts) September 26, 2024
Dogecoin Vs Bitcoin, Historically Data And Surge
Historical data offers an even more compelling narrative. In the previous market cycle, the DOGE-BTC pair experienced around 56 days of stagnation and volatility before skyrocketing. In that instance, Dogecoin’s price increased 84-fold against Bitcoin. Investors who had put one Bitcoin into Dogecoin at the cycle’s low would have seen it grow to 84 Bitcoin at its peak.
In the last cycle, DOGE-BTC went through approximately 56 days of stagnation (red rectangle) and volatility before it exploded. From there, it increased 84 times in relation to #Bitcoin 🤯
Anyone who invested one #Bitcoin in #Dogecoin at the bottom of the cycle would have ended… pic.twitter.com/Yz2M2EsHU6— Master Kenobi (@btc_MasterPlan) September 26, 2024
Currently, Dogecoin is once again in a similar 56-day period of stagnation, comparable to its previous cycle. The timing of this phase, especially with the Bitcoin halving on the horizon, suggests that DOGE could be positioning itself for another explosive rally.
With whale accumulation increasing and technical indicators aligning, Dogecoin looks primed for a potential run, much like its historic rise in past market cycles. All eyes are on $DOGE as it continues to show strength, potentially leading to significant gains for investors.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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