Dogecoin could target its December 2024 highs if it breaks out from a now-tightening symmetrical triangle on the daily chart.
A TradingView analysis from Bithereum_io identified this possibility on October 5, coinciding with a broader market consolidation. Notably, Dogecoin has joined a wider market correction after a perfect start to the month, retracing 3% over the past 24 hours.
A Good Place to Buy Dogecoin
Nonetheless, a positive development is still in the cards for Dogecoin, according to the Sunday analysis. As a result, the market commentator urged crypto enthusiasts to consider buying Dogecoin at the current level.
DOGE Targets After Triangle Breakout
Notably, Bithereum_io has predicted possible Dogecoin targets if it breaks out from the symmetrical triangle. His first target is a 16% growth to $0.298.
Interestingly, there are still three more targets for Dogecoin, one of which is a continued rally to $0.337. This marks a 32% increase from the current price of $0.256.
The last two targets are rallies to $0.394 and $0.466, representing a 54% and 82% uptick from here, respectively. For context, the last breakout target of $0.466 lies close to the December 2024 high of $0.4846, suggesting a retest of the multi-month level.
Dogecoin Whales Fuel Bullish Prospect
Meanwhile, positive sentiments from whale activities in the Dogecoin ecosystem have further fueled optimism that Dogecoin could continue to rise. Top analyst Ali Martinez shared data from Santiment, which shows that whales bought 30 million DOGE in the past 24 hours.
This accumulation occurred among whales holding between 1 million and 10 million DOGE, as they purchased the token in anticipation of further upside. With the acquisition, they now hold a cumulative 10.77 billion DOGE.
Notably, such accumulation suggests that major players are still interested in Dogecoin and believe prices could rise further. This boosts confidence among other holders and could lead to a significant price increase when the market begins to move higher again.
