Happy 11th Birthday, Dogecoin! Trader Anticipates 'Violent Upside Move' If 3-Week Accumulation Breaks

Dogecoin DOGE/USD, the original meme coin, marks its 11th birthday today. Despite a 5% dip in the past 24 hours, traders remain optimistic about its next moves.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin DOGE/USD	$0.4279	$62.9 billion	-5.2%	+2%
Shiba Inu SHIB/USD	$0.00003016	$17.8 billion	-5.7%	+15.5%
Pepe PEPE/USD	$0.00002084	$8.8 billion	-5.9%	+0.7%

Trader Notes: The Moon Show, a crypto analyst, noted that DOGE is consolidating within a pattern and anticipates a "nice breakout," with a price target set at $0.6350.

Bluntz, another prominent trader, reiterated his earlier forecast, predicting a "violent upside move" once DOGE breaks out of its three-week accumulation phase.

Miles Deutscher joined the bullish chorus, projecting DOGE could rally to $1, a key psychological level.

$DOGE to $1. pic.twitter.com/cBMfbncxd7
— Miles Deutscher (@milesdeutscher) December 5, 2024

On a more cautious note, The Cryptomist observed that Dogecoin is facing resistance at a larger ascending trendline. However, a final support bounce could drive the coin to at least $0.60 and possibly retest its all-time high.

Community News: BIT Mining, a leading cryptocurrency mining firm, announced that Dogecoin and Litecoin LTC/USD mining has been three times more profitable than Bitcoin BTC/USD alone.

Since Dogecoin mining started, the company has produced 227.9 million DOGE as of Nov. 27.

The company attributes the recent surge in Dogecoin's profitability to factors such as: Elon Musk's ongoing influence in the crypto space and regulatory shifts in the U.S. following Donald Trump's electoral victory.

What's Next: Dogecoin continues to be the apex meme coin, fueled by its community-driven appeal and speculative potential. Its mining profitability and recent rally highlight its staying power in a market dominated by newer projects.

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