Dogecoin Eyes December 2024 Highs as Technical Pattern Emerges

Dogecoin is trading within a symmetrical triangle pattern, which may see the coin rise to a higher price if it breaks out. TradingView analyst Bithereum_io identified the pattern in the market on October 5, which offers traders straightforward points of entry and price levels.

Over the past 24 hours, the cryptocurrency has lost 3%, indicating a market weakness. The recent pullback does not mean that the correction eliminates buying opportunities for investors who intend to open positions, as indicated by the technical indicators.

Strategic Entry Points for Traders

The analysis highlights two key areas where accumulation can occur. The initial order level is now at market levels of about 0.256. There is a secondary buying opportunity between 0.209 and 0.220, and this coincides with a critical support area.

The 200-day simple moving average is currently at $0.204, which supports the strength of this demand zone. Dogecoin has remained above the $0.20 mark it broke in August, and it has a solid support base.

Dogecoin Analysis. Source: Bithereum.io

If prices continue to fall, the technical analysts believe there will be a rebound in this lower area. The presence of several support indicators increases the likelihood of a reversal at these levels.

Bithereum_io has set four different price targets based on the technical indicators of the triangle pattern. The closest target is at 0.298, which is a 16 percent increase based on the prevailing prices.

The second objective is 0.337, representing a 32% increase. The possible additional upward movement reaches levels of $0.394 and $0.466, which represent 54% and 82% gains, respectively.

The highest target of $0.466 approaches the December 2024 peak of $0.4846. A successful breakout could therefore trigger a retest of multi-month resistance levels.

Whale Accumulation Supports Bullish Case

The latest on-chain analysis indicates that there have been numerous purchases by large holders. Cryptocurrency analyst Ali Martinez reported that whales purchased 30 million DOGE tokens within 24 hours.

The accumulation occurred specifically among addresses holding between 1 million and 10 million tokens. These wallets are currently managing 10.77 billion DOGE together, as Santiment data show.

Whales Accumulate 30M DOGE. Source: X

This compounding trend suggests that advanced investors are optimistic about a future price surge. The activity of large holders typically precedes major price changes because these participants often have longer time horizons and more in-depth market analysis.

The combination of technical setup and whale accumulation creates a potentially favorable environment for price recovery. Traders will observe how Dogecoin helps sustain its support above crucial levels when the rest of the cryptocurrency market stabilizes.

The symmetrical triangle is normally a tie that is solved by a dramatic step in either direction. Before traders commit themselves to positions they anticipate, they hold back until the direction of the breakout is established.