Originally published on: December 13, 2024
Dogecoin’s price pattern is stirring up excitement as it mirrors behavior that led to an 8,000% rally in 2021. With a rebound of 480% from its August lows and a consolidation phase underway, all eyes are on DOGE’s potential for another major breakout.
Looking at the tight trading range of $0.39-$0.48 and the weekly RSI entering overbought territory, history may repeat itself with a bullish continuation. If the pattern holds, DOGE could surge by 85% to hit $0.75 by January 2025, according to Fibonacci retracement projections.
Adding to the positive outlook is onchain data showing an all-time high in the number of addresses holding 1 million DOGE or more. With Elon Musk’s continued influence and the recent launch of the Department of Government Efficiency (DOGE), optimism is on the rise among large investors.
While this article doesn’t offer investment advice, it highlights the potential for Dogecoin’s resurgence. Stay informed and subscribe to the Markets Outlook newsletter for more insights on investment opportunities and trading strategies.
