Here Is Why Dogecoin Price Could Rally to $1.50 Soon

Highlights:

• Dogecoin price slumps 2% to trade at $0.40 as trading volume drops.
• During the recent price correction, whales bought approximately 210 million DOGE.
• Dogecoin price could break out to $1.50 as this buying behavior might push the price up. 

The Dogecoin price has plunged 2% to trade at $0.4037 at press time, as the trading volume dropped 25% to $4.74 billion. Despite the fall, the cumulative holdings of whales between 10 million to 100 million in recent weeks rose significantly. This rise correlates with significant buying activity during price dips. This is evident as approximately 210 million DOGE were purchased by these large holders, as per Ali charts.

#Dogecoin whales bought 210 million $DOGE during the recent price correction! 👀👀 pic.twitter.com/0vG2iN1fvJ

— Ali (@ali_charts) December 11, 2024

This buying behavior often stabilizes or pushes the price up, as it reduces the available supply on the open market. So, DOGE is in a position to capitalize on the interest from large-volume traders, potentially breaking out to $1.

Dogecoin Statistical Data

Based on CoinmarketCap data:

• DOGE price now – $0.4037
• Trading volume (24h) – $4.74 billion
• Market cap – $59.59 billion
• Total supply – 147.18 billion
• Circulating supply – 147.18 billion
• DOGE ranking – #7

Following this year’s bull run, the global crypto market has experienced heightened investor interest, with Bitcoin leading as it broke above the $100,000 psychological level. Similarly, the dog-themed token (DOGE) has steadily witnessed its market value appreciation, making a new all-time high a realistic possibility soon.

Analyst Predicts DOGE Rally In the Coming Week

Elsewhere, according to the market analyst, the dogecoach, the Dogecoin daily chart looks bullish. He has added that it should break back up today, prepping for a strong weekend and an even more substantial next week.

Daily chart looking bullish to me.

Should break back up today, prepping for a strong weekend and an even stronger next week.

I don't think we are going to get a mega dump until the next leg up is complete. #doge pic.twitter.com/EFLHeCRPLx

— The Coach 𝕏Đ (@thedogecoach) December 13, 2024

Meanwhile, the Dogecoin price is still consolidating, as the token price oscillates between $0.35 and $0.46. This consolidation period may be an accumulation phase as the bulls prepare to break out to $1. Trading above all the moving averages reinforces the potential breakout, with $0.32 and $0.17 (coinciding with 50-day and 200-day SMAs) offering strong support.  

Besides, investors could buy the token at roughly half the price before the potential rally, bolstered by the Golden Cross. This could build momentum ahead of the highly anticipated breakout to $1. 

The Relative Strength Index (RSI) reinforces the uptrend as it sits at equilibrium levels. The token is neither oversold nor overbought at this level, but its position above the 50-mean level means that the bulls might be gearing up for a rally.

On the other hand, the MACD indicator introduces a bearish outlook. The southbound MACD shows momentum falling, indicating a sell signal is executed in the DOGE market. Similarly, the MACD histograms are fading, a sign of waning bullish sentiment.

Will the Bulls Gain Momentum and Rally to $1?

As bulls and bears are engaged in a tug-of-war to control the market, the technical outlook shows that the Dogecoin price could be in for a breakout to $1. A flip of the $0.46 resistance level into a support floor would pave the way for further upside. A break and close above it would encourage more buy orders, potentially sending DOGE to the range high of $1. The gains could extrapolate towards a $1.50 in a highly bullish case.

Conversely, a closer look at the MACD shows a sell signal, suggesting some bearish prospects in the market. The MACD histograms also flash red, indicating a budding bearish sentiment in the DOGE market. If the $0.35 support level breaks, the Dogecoin price could break to the downside. Only a break and close below $0.32 would spook investors in such a directional bias. In a dire case where the memecoin slides lower, a candlestick close below $0.17 would trigger panic selling.