Whales transfer 100 million Dogecoin, Dogecoin price may soar by 400%
Dogecoin (DOGE) has recently experienced a slight price pullback, failing to surpass the high of $0.4602. However, at this moment, a whale is transferring Dogecoin, with an amount exceeding $100 million, indicating that the market is quite interested in this coin.
Analysts have stated that the downward trend of Dogecoin is about to reverse quickly, and in the upcoming bull market, the price could increase by 400%!
Two significant transactions occurred, totaling 249 million DOGE and $102 million. One transaction involved 131 million DOGE being transferred from an unknown wallet to Coinbase, while another involved 117 million DOGE being transferred from Binance to an anonymous wallet. This large-scale transfer suggests that whales may be accumulating, and market enthusiasm is also rising.
When the big players move, the price changes accordingly. Dogecoin is currently trading above $0.4, and everyone is watching these major transactions. Trading volume has surged by 77%, indicating strong demand, and significant movements are likely on the horizon.
Analyst Javon Marks, based on historical data and Fibonacci extensions, speculates that Dogecoin could rise by 400%. He mentioned that Dogecoin is currently in its third bull market cycle, similar to 2017 and 2021, and could reach $2.28, with the current price only at $0.42.
Dogecoin has previously surged in this manner, climbing from a low point to a high. This year may follow the same pattern, increasing from $0.06 to $2.28, which would represent a significant potential increase of 457%.
Technical indicators also suggest that Dogecoin is poised for a rise. The current chart displays a bullish pennant pattern, which often indicates a substantial increase. After consolidating, Dogecoin's price may soar again.
If it breaks through key price levels of $0.45 and $0.5, Dogecoin could head straight for $0.65. Similar to previous upward trends, a surge often follows consolidation.
Currently, Dogecoin is still consolidating, with traders and analysts focusing on support and resistance levels. $0.4 serves as a support level, and if it holds steady, it may push towards $0.45. If it breaks through, the price is likely to rise; once the Dogecoin ETF is released, it could reach $0.5. However, if it cannot hold $0.4, it may need to retrace to $0.35.
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