The world's largest meme coin, Dogecoin (DOGE), has been in a bearish momentum for the past few days, dropping from a high of $0.47 to $0.37. However, amidst this price fluctuation, Dogecoin whales have once again struck, targeting buying opportunities on dips, which has sparked speculation about a possible price rebound.
In the past 24 hours, the significant transfers of DOGE by large whales have raised concerns. According to a report from Whale Alert, more than 61 million DOGE (worth approximately $23.5 million) were transferred from an unknown wallet to the Robinhood platform. Nearly 85.4 million DOGE, valued at about $32.9 million, were then transferred.
Recently, large-scale Dogecoin (DOGE) whale trades have attracted widespread attention in the market, closely related to the sustained growth of market interest, suggesting that Dogecoin's price may experience significant volatility in the future. The activity of whales is often viewed as an important signal for market trend changes, especially when large amounts of capital flow into exchanges.
In this context, cryptocurrency market analysts have made bold predictions about Dogecoin's future trends. Notably, prominent analyst Ali Martinez stated that Dogecoin is still in the early stages of a future bull market cycle. He predicts that Dogecoin's price could reach $3 in the current cycle, with a long-term target price of $18.
Martinez's view is based on regression channel analysis from weekly charts, showing that Dogecoin still has considerable upside potential. However, he also emphasizes that the market may experience significant volatility before reaching these targets. Therefore, investors need to be aware of the risks of short-term price fluctuations while focusing on long-term potential.
What do the DOGE price technical charts indicate?
Technical analysis shows that Dogecoin (DOGE) may be facing a bullish breakout. According to cryptocurrency analyst Trader Tardigrade, Dogecoin has recently broken out of a symmetrical triangle pattern, which typically indicates the arrival of a bullish trend. More importantly, the absence of a significant pullback following this breakout suggests that the upward momentum remains strong.
If Dogecoin pulls back to the upper boundary of the triangle in the short term, around the $0.44 position, this could become an excellent opportunity for investors to enter the market and capture the next wave of rebounds. According to Tardigrade's predictions, Dogecoin's price is expected to rise further to $0.65, which would be about 50% higher than the current level. This indicates that Dogecoin still has significant upside potential, and investors should closely monitor future trends and changes in key price levels.
According to CNF, he also predicts that Dogecoin's price could peak between $8 and $10 before a possible pullback, which might provide another entry opportunity for long-term investors. From the current price of around $0.39, if Dogecoin skyrockets to $3, it would represent an impressive 630% increase, offering an enticing prospect for those looking to capitalize on Dogecoin's growth trajectory.
This year, meme coins have received significant attention, with Dogecoin providing substantial returns for investors. One of the best-performing meme coins has been PEPE Coin (PEPE), which has achieved several times its value in the past few weeks and has entered the ranks of the third largest meme coin by market capitalization.
