Dogecoin Price Jumps 130% In A Week: Analyst Sees 45% More Upside

• Analyst Ali Martinez has suggested a 45% upside in the following sessions.
• The Dogecoin price was in a strong bullish momentum, skyrocketing by 130% in a week.

Dogecoin (DOGE) exploded into the spotlight after the U.S elections. It has reached the 52-week high trajectory, soaring 130% in a week.

The large transactions increased by 11.72%, indicating that smart money or whales fueled the Dogecoin price rally. Around 0.30% network growth in the past 24 hours was noted.

The DOGE price has traded at $0.40434, noting an intraday rise of over 3.20%. Its market cap skyrocketed to $58.99 Billion. The altcoin was ranked 6th among the top crypto coins.

Analyst Predicts 45% Rise: Here’s the Take

At a short-term scale, analyst Ali pointed out that DOGE crypto is forming a bull flag pattern. There is a possibility of a higher price.

On shorter time frames, #Dogecoin $DOGE shows a bull flag. If the $0.35 support level holds, this pattern suggests a potential 45% increase, targeting $0.56. pic.twitter.com/qrX39K65EA

— Ali (@ali_charts) November 13, 2024

The Dogecoin price has rebounded from the demand zone of $0.1000. Furthermore, a golden crossover was exhibited. $0.35 can be considered as the critical support level for this pattern. Holding above $0.35 would confirm the bull flag and a sustained buying interest in DOGE.

However, a break below the level may destroy the bullish outlook. Thus, it could lead to a decline and invalidation of the pattern. If the price support area is firm and DOGE breaks above the flag, Ali has set a possible price increase of 45% at $0.56.

Dogecoin Price Prediction: Is DOGE Looking Overbought?

Dogecoin price prediction guides a bullish stance. However, the daily timeframe price action looks like the altcoin was ready for a significant retracement.

Undoubtedly, the Dogecoin price looks overbought, and a dip was anticipated in the coming sessions. However, it doesn’t mean buying at the higher levels was a mistake.

A further price rally could be seen considering the whale buying activity and massive inflows with a substantial trading volume surge. Alongside the bullish price action, the bull flag pattern, and analyst Ali’s prediction, boarding the DOGE price rally might reward a 45% surge in the coming sessions.

The Relative Strength Index (RSI) looks overbought at around 90. It displayed a positive crossover on the chart. However, it shows a caution for the bulls.

The Chaikin Money Flow (CMF) reading was 0.27 at press time. That represented a liquidity surge in the market.

Moreover, the Average Directional Index (ADX) was 55, implying a solid uptrend. Values above 50 hint at a strong uptrend, and values below 50 mean a strong downtrend.

Active Addresses Zooms 300% This Week

Data from BitinfoCharts revealed that market participants had gained interest in the token. This resulted in a 300% surge in active addresses.

Last week, the active addresses were noted around $40k on-chain. At press time, more than $145k addresses were active on-chain.

Furthermore, the Open Interest (OI) data has risen over 2.10% to $2.87 Billion. The immediate support zones for the DOGE crypto were $0.3870 and $0.3700. At the same time, the resistance levels were $0.4000 and $0.4300.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.