Dogecoin Surges 6% in a Week: Technical Analysis Points to Potential All-Time Highs

Dogecoin (DOGE) has continued its impressive rally, currently trading at $0.3886, marking a significant 6% increase in the last week.

The cryptocurrency’s recent performance has outpaced the broader market, which saw a modest 0.9% uptick, bringing the total crypto market capitalization to $3.09 trillion.

DOGE Whale Activity and Market Sentiment

Significant whale accumulation has been observed, with addresses holding between 10 million and 100 million DOGE increasing their positions substantially. Between November 17 and 18 alone, these large investors accumulated approximately 140 million DOGE (worth about $56 million), suggesting confidence in future price appreciation.

According to Santiment data, a recent decline in wallet activity, rather than being bearish, may actually signal a positive trend. The platform suggests this decrease in active wallets often indicates “FUD and capitulation from novice traders,” typically a bullish indicator as liquidated positions are absorbed by larger, long-term holders.

Dogecoin Price Prediction: The Gaussian Channel

More ambitious price predictions have emerged from analysis of the Gaussian channel, a technical indicator used to identify price distribution patterns. Market analyst Tardigrade notes that DOGE has gained support from the mid-band line of the Gaussian channel for the third time in history, potentially setting up for another parabolic move.

Some analysts are projecting even more dramatic price targets, with independent trader Javion Marks suggesting a retest of the previous all-time high is “practically imminent.” More aggressive forecasts, based on diminishing returns analysis, suggest DOGE could reach between $3 and $5 by 2025.

Dogecoin’s Recent Price Action and Technical Indicators

DOGE has demonstrated extraordinary strength over the past two weeks, surging 209% from its November 3rd low of $0.1420 to reach a three-year high of $0.4329 on November 12. Despite currently trading 11% below this recent peak, multiple technical indicators and on-chain metrics suggest the rally may be far from over.

A prominent bull flag pattern has formed on DOGE’s daily chart, typically a bullish continuation setup. Technical analysts suggest that a breakthrough above the flag’s upper trendline at $0.40 could trigger a movement matching the height of the previous uptrend, potentially pushing DOGE toward $0.87 – which would represent a new all-time high.

DOGE/USD Technical Analysis: Caution Signs

Despite the overwhelmingly bullish sentiment, some technical indicators warrant caution. The daily relative strength index (RSI) remains in overbought territory at 77, suggesting the possibility of a near-term pullback. Support levels to watch include the flag’s lower trendline at $0.355 and the psychological $0.30 level.

Market Outlook

Current technical analysis suggests DOGE faces immediate resistance at $0.44, coinciding with last week’s peak. A successful breach of this level could open the path to $0.50. The Volume-Weighted Average Price (VWAP) at $0.395 currently sits below the market price, indicating strong short-term demand.

While more conservative estimates target the $0.87-$1.00 range, some analysts, including Kevin (@Kev_Capital_TA), project potential tops as high as $3.90 based on Pi Cycle analysis. This would represent a 902% increase from current levels and place Dogecoin’s market cap at approximately $572 billion.