Whale Dogecoin Serok-serok Lagi, Akankah DOGE Tembus US$2?
Release: 2024/07/29 12:29 Reading: 402
Dogecoin (DOGE): Whale Activity Drives Bullish Momentum
Dogecoin (DOGE) is currently experiencing significant buying pressure, driven by increasing accumulation from whale investors. This trend has caught the attention of market analysts and traders who anticipate substantial price action for the leading memecoin.
Whale Activity on Dogecoin
Zycrypto reports that prominent market analyst Ali Martinez highlighted the recent purchase of 60 million DOGE coins by a Dogecoin whale, attributing this to strong accumulation interest. Martinez views this development as a bullish sign, suggesting that increased whale holdings reduce sell pressure as coins are held for future purposes rather than immediate speculation.
Martinez delves into the network dynamics of Dogecoin, noting that the memecoin could face a significant surge of 140 percent to 230 percent due to intense consolidation.
"Dogecoin is playing out the same pattern we've seen before. It consolidates in a descending triangle, sees a 140-230% spike, and retraces 56-60% before going into a bull run." - Ali Martinez
If Martinez's predictions hold true, Dogecoin could rally from its current price of $0.134 to levels around $0.3, with potential to reach the $2 zone.
Support from Other Analysts
The bullish sentiment around Dogecoin is not limited to Martinez. An economist and trader known by the pseudonym Mikybull Crypto also holds a similar viewpoint, suggesting that a post-halving rally could push DOGE towards $1.1.
According to Mikybull Crypto, it's a matter of not if, but when, Dogecoin will experience significant gains, particularly as it breaks out of a rising wedge pattern with a 44 percent upside potential.
Crypto analyst Trader Tarigrade also weighs in, comparing the current Dogecoin trend to the rallies in 2017 and 2021. Tarigrade believes that DOGE is mirroring these historical patterns, which could lead it to the psychological threshold of $6 in the near future.
These optimistic outlooks are supported by the broader crypto community, which has been closely monitoring Dogecoin's price action. The recurring pattern of consolidation and subsequent rallies instills confidence in predictions of substantial price appreciation.
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