Dogecoin’s price has been on a roll in the past few weeks, having surged by about 30% since September 7.
Recent data provided by the popular cryptocurrency analyst Ali hints at another similar rally should the meme coin decisively conquer the $0.11 resistance.
Alongside the rest of the market, DOGE dumped hard in the first week of September, going from over $0.1 to a multi-week low of $0.089 (on Bitstamp).
However, it began to recover shortly after and surged past $0.11 earlier today. In fact, it currently sits at $0.114, which means that it has increased by 28% since the aforementioned low.
According to Ali, more than 62,000 wallets hold over 36 billion worth of the OG meme coin bought at this level $0.111, making it a crucial psychological resistance.
If they decide to retain their holdings instead of selling with minor gains, DOGE’s price ascent can continue in the next few weeks. Ali asserted that there are no “major supply walls in sight,” which could send the meme coin toward $0.15. This could be another 30% surge from its current price levels.
#Dogecoin has surged past the $0.111 resistance, where 62,270 addresses hold over 36 billion $DOGE. If #DOGE holds this level, it could confirm a bullish breakout. With no major supply walls in sight, the path to $0.150 looks clear! pic.twitter.com/4L0zI4s72z
— Ali (@ali_charts) September 26, 2024
The largest meme coin has another thing going its way – whales. The analyst showed another graph indicating that such large investors have accumulated approximately $140 million worth of DOGE in just two days, which could be the catalyst for another rally.
#Dogecoin whales bought over 1.40 billion $DOGE in the past 48 hours, worth around $140 million! pic.twitter.com/mBXMti2y3V
— Ali (@ali_charts) September 26, 2024