Are DOGE Traders Set to Ride a Prolonged Rally?

• Dogecoin rallies 25% with whale accumulation, reaching multi-year high levels.
• Key resistance breached; traders anticipate potential 50% upward rally.

Dogecoin (DOGE), the leading cryptocurrency in the memecoin sector, has made impressive gains over the past 24 hours, surging by 25% amidst strong market momentum. With Bitcoin climbing above $81,000, investors and analysts are dubbing November “Moonvember” as the market greed index reaches a high of 79. Dogecoin’s trading volume has also seen an exceptional 188% rise, indicating renewed interest from retail investors and major holders, or “whales,” who have been accumulating DOGE rapidly.

According to data from Santiment, whale wallets holding between 100 million and 1 billion DOGE have collectively boosted their holdings, rising from 2.68 million to over 30.56 million DOGE within a short span. This accumulation pattern has often signaled market bottoms in the past, suggesting that Dogecoin could be poised for further gains. 

Moreover, Dogecoin recently crossed a significant resistance level of $0.223, a threshold it last reached in March 2024, and touched a three-year high of $0.30294. Over the past week, DOGE has climbed an impressive 85%, marking one of its most significant rallies since 2021.

Additionally, Coinglass reports a 19% surge in DOGE’s Open Interest over the same period, reflecting high market confidence and signaling potential for further upside.

Can DOGE Pull Historic Rally?

Technically, Dogecoin is trading above its 200-day Exponential Moving Average (EMA) on the daily chart, a bullish indicator that highlights sustained upward momentum. Analysts suggest that if DOGE successfully closes above the resistance level at $0.289, it could rally an additional 50%, reaching $0.38 in the near term. This, coupled with the current bullish sentiment, positions Dogecoin for a continued rally, provided it holds above this key support level.

DOGE Price Chart, Source: Sanbase

As of the latest update, Dogecoin is trading around $0.2782, with 86% of community sentiment in the past day and the daily RSI is at 86, suggesting that it is in an overbought situation.

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