Dogecoin Price Poised For A 100% Bull Run as Whales Continue Accumulation.
NOIDA (CoinChapter.com)—Dogecoin (DOGE) continues to generate bullish sentiment despite recent price fluctuations. The token dropped below the $0.11 price mark in early Oct. 2024 but still commands attention as analysts point to bullish chart patterns.
While some investors remain cautious due to recent dips, the broader market sentiment signals confidence in DOGE’s upward potential.
Whale Activity and Market Sentiment Signal a Bullish Outlook
Whale accumulation remains a strong indicator of Dogecoin’s resilience. According to Santiment data, wallets holding between 10 million and 1 billion DOGE tokens have steadily increased their holdings. The trend suggests large-scale investors are positioning themselves for a potential breakout.
Dogecoin supply distribution by balance of addresses. Source: Santiment
The biggest surge comes from wallets holding between 100 million and 1 billion DOGE. Given the sheer size of their positions and their ability to influence liquidity, this group of whales often plays a pivotal role in dictating price trends.
The sustained accumulation by these whales offers a strong counter-narrative to the recent price dip below $0.11. Whale behavior points to a long-term bullish outlook despite the sell-offs and short-term market corrections. These large investors typically have deeper market insights or strategic goals, so their continued buying hints at growing confidence in DOGE’s future price action.
Traders remained bullish about DOGE price prospects.
In parallel, the broader crypto community has echoed this optimism. Analysts like Carlos Garcia Tapia noted that despite the downturn, DOGE managed to respect key support levels, reinforcing the possibility of a bullish breakout. Tapia suggests a price surge above $0.126 could lead to a sharp rally.
Similarly, forecasts like those from OxCryptoUniverse predict a potential rise to $1 by year’s end. While speculative, these projections can help attract buyers to the market, which could help DOGE prices rally.
Meanwhile, remaining above the bullish wedge’s upper trendline, which the DOGE price recently broke out of, helped infuse confidence in the memecoin’s rally.
DOGE Price Avoids A Fakeout
The DOGE USD pair recently broke out of a ‘falling wedge‘ pattern. However, the rally was short-lived, with Dogecoin price crashing back to the pattern’s trendline resistance, leading to speculations of a fakeout or a fake breakout.
DOGE bulls held the token’s price above the pattern’s upper trendline. As a result, the memecoin still stands a chance of rising to the pattern’s projected target after a consolidation period.
DOGE USD price formed a bullish wedge pattern with a 77% upside target. Source: Tradingview
The key feature of a falling wedge is that the slope of the lower trendline is steeper than that of the upper trendline, indicating that selling pressure is dissipating. When the breakout occurs—typically upward—it signals buyers taking control.
To estimate the potential price target after a breakout, traders measure the vertical distance between the widest points of the wedge and project that range from the breakout point upwards.
According to technical analysis rules, the SHIB USD conversion rate might rally over 77% from its current level to reach the pattern’s projected target of around $0.2
Furthermore, DOGE price has formed another bullish setup called the ‘ascending triangle.’
Dogecoin price has formed another bullish setup with a 100% upside target.
The pattern occurs when a horizontal resistance line connects swing highs while an ascending trendline links higher swing lows. This setup suggests increasing buying pressure as the price approaches the resistance level.
The ascending triangle formation indicates that buyers are gaining strength, and a successful breakout could lead to further upward momentum for DOGE price.
In technical analysis, the pattern’s price target is calculated by measuring its height and projecting it from the breakout point. For Dogecoin, this calculation suggests a price target near $0.22, a 100% spike from the current level.
The post Dogecoin Price Poised For A 100% Bull Run as Whales Continue Accumulation appeared first on CoinChapter.
