Bitcoin gained momentum on November 10, reaching an all-time high of $80,100 and leading to a broader market breakout. Dogecoin, the meme cryptocurrency, also experienced a high-momentum rally due to its volatility and appeal to speculative traders. Dogecoin’s price rallied by 80% in a week, reaching a 3-year high of $0.297.
Traders are now speculating whether Dogecoin’s price can break $0.15 by the end of October. Since early September, Dogecoin has seen a steady recovery from the bottom support of $0.091. The formation of fresh higher highs and lows, backed by increasing trading volume, indicates buyers’ conviction to drive a sustained uptrend.
This week’s accelerated recovery in the cryptocurrency market followed Donald Trump’s victory as the 47th President of the United States. The Dogecoin price rose from $0.148 to $0.268, registering an 80% growth. A weekly chart analysis shows a massive green candle breakout from the $0.228 neckline of a cup and handle pattern.
If the breakout is sustained, Dogecoin’s price prediction could target $0.4, representing a 53% potential surge. Whale accumulation, where wallets holding between 100 billion and 1 billion coins have increased their accumulation from 2.68 million coins to 30.56 million coins, signals confidence among large investors in the asset’s long-term potential.
This substantial increase in whale accumulation has often coincided with major market bottoms, indicating a potential trend reversal for Dogecoin’s price. However, if the Dogecoin price fails to sustain above the cup and handle pattern’s neckline, sellers could prolong the sideways trend.
