Round Bottom? DOGE Could Repeat Its Rise from 2024 and Surge to $0.80

Dogecoin is trading around $0.21 at the time of writing, with a daily trading volume of approximately $3.1 billion. The coin has fallen 2% in the past 24 hours and nearly 14% over the week. Despite the decline, there are signs that a move is imminent. Cryptocurrency analyst Crypto Zeinab pointed out a rounded bottom forming along with a converging triangle. The current resistance level is near $0.29, a crucial threshold that if broken, could push DOGE up to $0.49 and possibly $0.80 by the end of the year. A similar setup in 2024 saw the price rise from $0.18 to $0.49.

A unique perspective from Galaxy shows that DOGE is continuing its long-term cycle with phases of accumulation and breakout. Since 2014, this meme coin has repeated the structure of sideways trading, followed by rapid price increases, and then adjusting back to new lows. According to Galaxy, DOGE is in the third major accumulation phase, similar to the price increases in 2017 and 2021. The price action on the monthly chart shows steady growth along the support level, which is often the early stage before the broader market returns. Concerns About Security and Operations of Whales DOGE is under pressure after the Qubic blockchain community voted to redirect hashing power to Dogecoin in preparation for a potential 51% attack. Qubic had previously targeted Monero, raising concerns about similar disruptions. This news coincides with a time when the derivatives market is weakening, as open futures contracts for DOGE fell by 4% to $3.23 billion, according to Coinglass data. Even with these risks, accumulation activity continues. Large holders have added around 680 million Dogecoin in August, indicating that whale investors are positioning for a long-term hold despite short-term volatility. Expand Mining Through Acquisition In corporate news, Thumzup Media Corporation, a Nasdaq-listed company, has confirmed plans to acquire Dogehash, a North American mining company focused on Scrypt assets such as Dogecoin and Litecoin. Dogehash owns approximately 2,500 ASIC mining machines and is expected to increase its capacity by the end of this year. This merger is predicted to become one of the largest Dogecoin mining networks globally, enhancing the industrial-scale infrastructure of the network.