As of December 14, 2024, Dogecoin (DOGE) is trading at $0.4053, exhibiting a price pattern reminiscent of its 8,000% rally in 2021. The cryptocurrency has rebounded 480% from its August 2024 lows, including a 220% increase following Donald Trump's presidential election victory in November.
DOGE is currently consolidating within a tight range of $0.39-$0.48. This phase mirrors the early 2021 trend, which preceded a significant breakout. Notably, the weekly relative strength index (RSI) has entered overbought territory above 70, similar to conditions seen in 2021.
If historical patterns hold, DOGE could target $0.75 by January 2025, reflecting an 85% surge. Furthermore, onchain data indicates that addresses holding 1 million DOGE or more have reached an all-time high of 130.17 billion DOGE, suggesting increased confidence among large investors.
The influence of Elon Musk continues to be a driving force in Dogecoin's performance, with recent developments, such as the launch of the Department of Government Efficiency (DOGE), sparking renewed interest in the cryptocurrency.