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The price of Dogecoin (DOGE) saw another epic surge in the past 24 hours, rising over 17% to a high of $0.4656. If this momentum continues, on-chain analyst Ali Martinez believes DOGE could rally to $0.82.
Dogecoin set for bullish breakout
In an X post, Martinez released a chart showing DOGE attempting to break out of a bull flag on the daily chart. As it appears on the price chart of DOGE, the bull flag is a bullish pattern that resembles a flag on a flagpole.
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It is usually characterized by a brief period of consolidation during which the price swings sideways slightly downward after a dramatic upward advance.
Once it breaks out of the flag, the price will resume upward movement. Martinez forecasts that we may see another 120% rally for DOGE, which can take it to the $0.82 zone. However, DOGE must hold the $0.37 support level to experience the anticipated breakout. The $0.32 might be a floor if the asset experiences a more widespread market correction.
Additionally, the possibility of DOGE reaching higher levels is hinged on Bitcoin’s (BTC) price trajectory. DOGE can see higher levels if Bitcoin moves into a new growth phase and market sentiment stays positive.
Furthermore, Dogecoin’s value proposition may improve if its ecosystem and community experience additional advancements, such as incorporation into new initiatives.
Whale comeback
Meanwhile, Dogecoin has recorded remarkable whale activity within the past week.
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U.Today recently reported that Dogecoin whales cupped 550 million DOGE, valued at approximately $214.5 million. Community members are confident this whale action will trigger a rebound in the price of DOGE in the coming days.
A popular crypto trader named “DonAlt” has expressed bullish views on DOGE. DonAlt claims DOGE will not just reclaim its all-time high but eventually surpass the eagerly anticipated $1 mark.