- Despite its lackluster performance during the recent altcoin surge, Dogecoin (DOGE) is exhibiting a chart pattern reminiscent of the notable bull run in 2021.
- Renowned crypto analyst Ali Martinez is finding noteworthy similarities between recent movements in Dogecoin’s price and those in 2020.
- Interestingly, on-chain data shows that strategic whale investors are choosing to take advantage of the market decline rather than joining the asset selling trend.
While Dogecoin whales continue to accumulate, analyst Martinez has shared predictions about the future price of DOGE.
Renowned Analyst Reveals Predictions for Dogecoin Price
Despite its lackluster performance during the recent altcoin surge, Dogecoin (DOGE) is exhibiting a chart pattern reminiscent of the notable bull run in 2021. Speculation suggests that if it reflects similar past trends, the price of Dogecoin (DOGE) could potentially reach up to $10 in the upcoming bull run.
Renowned crypto analyst Ali Martinez is finding noteworthy similarities between recent movements in Dogecoin’s price and those in 2020, indicating the possibility of a repetition of historical patterns. Martinez highlights similarities between the current price movement of Dogecoin and its behavior in 2020, where the cryptocurrency broke out of a descending triangle pattern, entered a consolidation phase, and then experienced an extraordinary surge of 28,770%.
Currently, Dogecoin appears to be replicating this pattern, having recently broken out of a descending triangle and now undergoing a consolidation phase. The analyst added that this consolidation phase could set the stage for the next bull run.
However, investors have long been anticipating Dogecoin’s price to reach $1. During the last bull run, the DOGE price touched an all-time high of 66 cents, experiencing nearly a 90% correction since then. Currently, DOGE is trading at a price of $0.084 with a market cap of $12.05 billion, holding above its 20-day SMA.
Despite this, according to the Bollinger Bands technical indicator, bulls are currently facing significant resistance around $0.089. Clearing this resistance, positioned at the upper Bollinger Band at $0.089, could potentially trigger a significant bull rally towards the expected Dogecoin price target of $0.1.
DOGE Whales Accumulating
Interestingly, on-chain data indicates that strategic whale investors prefer taking advantage of market downturns rather than joining the trend of asset selling. The provided Santiment chart displays dynamic changes in the balances of whale wallets, each holding at least 10 million DOGE (~$800,000), offering real-time insights into investment behaviors. The Dogecoin whale balance currently exceeds 15 billion DOGE tokens.
