Dogecoin (DOGE) Primed for 120% Rally to $0.82, But Must Hold This Crucial Support Level

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 (DOGE) has seen another impressive 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 setting up for another breakout?

In an X post, Martinez shared 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.

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 anticipates 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.

Moreover, the possibility of DOGE reaching higher levels is tied to 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 developments, such as integration into new projects.

Whale activity returns

In the meantime, Dogecoin has seen significant whale activity over the past week.

U.Today recently reported that Dogecoin whales have quietly scooped up 550 million DOGE, which is valued at around $214.5 million. Community members are optimistic that this whale activity will help trigger a rebound in the price of DOGE in the coming days.

A well-known crypto trader who goes by the name “DonAlt” has expressed bullish views on DOGE. According to DonAlt, DOGE will not only reclaim its all-time high but will eventually cross the anticipated $1 mark.