Dogecoin has joined $1 after the latest labor chart development – analyst

Dogecoin (DOGE) price has shown resistance over the past two weeks, consolidating in the range between $0.34 and $0.46 since November 12th. memecoin is the sixth most traded asset by 24-hour volumes (excluding USDT), accounting for total market demand.

As DOGE techniques become more favorable on the chart, many analysts predict that the original meme token is nearing a breakout.

DOGE transactions in the range of 100,000 to 1 million dollars

While the price of DOGE has fluctuated sideways over the past two weeks, whale trades between $100,000 and over $1 million have gradually increased over the past few days. Data from Santiment highlights that addresses making transactions between $100,000 and $1 million received more than 240 million DOGE tokens in December.

This gathering trends could be the trigger for the next DOGE price rally.

Similarly, futures traders are also keeping their interest in DOGE's movements. Memecoin's open interest hit a new all-time high of $4.05 billion on November 24. Since then, OI has dropped to $3.48 billion, but relative participation remains at all-time highs.

Related: Crypto Analyst Says ‘Flash Crash Possible' As 24-Hour Liquidations Hit $618M

Dogecoin can attract “god candles”.

Alongside onchain data, Dogecoin's mid-term and long-term charts show favorable correlations, which have attracted the attention of many analysts. Mikibul, an independent analyst, has observed the formation of an ascending wedge pattern, forming a strong congruence with the volume indicator on the scale.

The merchant saw this as a good opportunity.

“$DOGE to pull another god candle to $1.”

Similarly, Trader Tardigrade highlighted a historical pattern that played out systematically in previous bull markets. The chart shows that the price action shows a double bottom at the end of the previous cycle, then above the upper resistance trend line.

Once the bullish close was confirmed, the DOGE price made a repeated parabolic rally. DOGE took off this bullish confirmation in November (as shown on the chart), opening the possibility of another strong rally.

Based on Elliot's wave theory, Altstreet Bets, an anonymous altcoin trader, expects a 60% return to $0.68-0.72 in the next few days, indicating that “$ DOGE is poised to run again.”

RELATED: Chainlink ‘god candle' appears as LINK price rises 27% in 24 hours

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.