DOGE price is up 5% today, and several technical and onchain metrics suggest that Dogecoin could soon tag new all-time highs in the coming weeks.
Dogecoin DOGE$0.383 price has risen over 5% in the last 24 hours to $0.3918, outperforming the cryptocurrency market, which rose by around 0.9% in the same period to rest at $3.09 trillion.
Data from TradingView shows that DOGE has been in an uptrend over the last two weeks, rising 209% from a low of $0.1420 on Nov. 3 to a three-year high of $0.4329 on Nov. 12.
Although DOGE currently trades 11% below this high, several factors support more upside for the world’s largest memecoin.
Elon Musk and the D.O.G.E
Dogecoin’s bullish argument stems from increasing investor interest following US President-elect Donald Trump’s victory, Elon Musk and the proposed Department of Government Efficiency (D.O.G.E.). Social media has also played a significant role in amplifying this attention as mentions of Dogecoin surged across platforms.
This interest was intensified among investors and the Dogecoin community when Trump selected Elon Musk to lead the proposed government department alongside Vivek Ramaswamy.
Musk is often referred to as the “Doge Father” due to his influential role in promoting Dogecoin, and whenever he posts about the memecoin on his X platform, its price tend to react positively.
Although this interest seems to have waned over the past few days as DOGE price retraced, investor interest in Dogecoin is yet to reach its peak, according to data from Google Trends. The chart below shows the social media interest in Dogecoin over time.
Although the latest rally has resulted in the highest interest since 2021, it is yet to rival the interest seen in May 2021 when DOGE’s price hit its all-time high of $0.7376.
This data highlights that the Dogecoin price has more room for gains as most retail traders are still on the sidelines.
DOGE whales accumulate
Responding to a slight market correction over the last few days, Dogecoin whales took advantage of the drop to $0.35. Data shows that whale addresses holding between 10 million and 100 million DOGE have increased sharply between Nov. 4 and Nov. 18.
These large investors have accumulated approximately 140 million DOGE, worth about $56 million, between Nov. 17 and Nov. 18.
This buying likely helped Dogecoin move back to the $0.38 range as Dogecoin’s largest holders appear to be positioning for higher prices in the future.
DOGE’s bull flag points to new all-time highs
From a technical perspective, DOGE price action has painted a bull flag pattern on the daily chart, as shown below.
A bull flag is a bullish continuation setup that forms after the price consolidates inside a down-sloping range following a sharp price rally.
The pattern will resolve after the price breaks above the upper trendline of the flag at $0.40 and rises by as much as the previous uptrend’s height. This puts the upper target for DOGE price at $0.87, marking new all-time highs for the memecoin.
DOGE’s daily relative strength index is still in the overbought zone at 77, suggesting that the chances of a major pullback are relatively high.
Therefore, a retreat from $0.38 could see a retest of the flag’s lower trendline at around $0.355. Lower than that, DOGE/USD could move toward the $0.30 psychological level.
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