Dogecoin has proved to be the finest memecoin, as the other memes fell under the bearish influence as the top one started to swell. The liquidity flow onto the token has increased heavily, which has helped the levels to rise above $0.46 at the moment. After achieving these levels, the DOGE price appears to be ready for another bullish run, which could elevate the levels close to the $1 milestone, probably before the end of 2024.
DOGE price displayed a bullish daily close above the key resistance at around $0.39, which helped the token to begin the day’s trade above $0.4. One of the main reasons for the sudden spike can be the gigantic rise in the number of active addresses. These levels, which failed to rise in the times of the early 2024 upswing, have now demonstrated a huge rise.
The active address count has reached 1.6 million from levels around 70K, suggesting an acute rise in the trading activity, which has increased the volatility of the token. Besides, the whales have been shedding their holdings since the start of the month, which has allowed the market participants to take over the rally.
The Dogecoin price is following its historic pattern, according to which the token has entered the next bullish phase. The technical conditions and the trade setup mirror the previous one it followed before kicking off the 2021 bull run. Therefore, the DOGE price rally is now primed to reach not only $1 but pretty much beyond these levels.
The historical price pattern suggests the token reached the end of the consolidation, which triggered a monstrous rally that followed after the Golden Cross. Presently, the 50/200 MA underwent a Golden Cross, which has elevated the price from the bearish influence. If the price follows the previous rally, then the price is expected to trigger a gigantic run close to a 2-digit figure and form the peak at around $11 for the ongoing bull run.
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