Dogecoin: Potential Mega Rally 🚀
If you’ve been following the recent trends in the crypto market, you might have noticed that Dogecoin (DOGE) is back in the spotlight. Analysts are making comparisons between its recent performance and the 2021 bull run, sparking speculation that DOGE could be on track to hit $10 in the upcoming bull market. Ali Martinez, a well-respected crypto analyst, has pointed out intriguing similarities between Dogecoin’s recent price movements and those witnessed in 2020.
According to Martinez, the price action of Dogecoin is showing familiar patterns reminiscent of its behavior in 2020. He noted that back then, DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%. Currently, DOGE appears to be mirroring this pattern, giving rise to the possibility of a potential mega rally.
Resistance at $0.089
Despite the optimistic outlook, the Bollinger Bands technical indicator suggests that bulls face significant resistance near $0.089. However, if a successful breakthrough beyond this level occurs, it could trigger a substantial bullish surge, potentially aiming for the anticipated Dogecoin price target of $0.1.
It’s worth noting that investors have long been anticipating Dogecoin’s price to reach $1. During the last bull run, DOGE reached an all-time high of 66 cents but corrected almost 90% since then. As of now, Dogecoin is trading at $0.083 with a market cap of $12.05 billion, remaining above its 20-day Simple Moving Average (SMA).
Accumulation by DOGE Whales
Recent on-chain data sheds light on a unique approach taken by Dogecoin’s strategic whale investors amid the recent market dip. Instead of following the common trend of selling off assets, a specific group of whales, each holding at least 10 million DOGE tokens (~$800,000), has chosen the path of accumulation.
Through a Santiment chart, it is evident that there have been dynamic shifts in the balance of whale wallets, revealing a cumulative Dogecoin whale balance that now surpasses 15 billion DOGE tokens.
Hot Take: Dogecoin Set to Soar 📈
As you navigate the volatile world of cryptocurrencies, keep a close eye on Dogecoin. With potential mega rally indicators, the cryptocurrency could be gearing up for an exciting period ahead. Stay updated with the latest market insights as DOGE continues to make waves in the crypto space.
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