Whales transfer 100 million Dogecoin, Dogecoin price may surge by 400%
Dogecoin (DOGE) has recently seen a slight price pullback and has not surpassed the high of $0.4602. However, at this moment, there are whales moving Dogecoin, with amounts exceeding $100 million, indicating that the market is quite interested in this coin.
Analysts have said that the downtrend of Dogecoin is about to reverse quickly, and in the upcoming bull market, the price may rise by 400%!
Two large transactions have occurred: 249 million DOGE, worth $102 million. One transaction of 131 million DOGE was transferred from an unknown wallet to Coinbase, while another transaction of 117 million DOGE was transferred from Binance to an anonymous wallet. This large-scale transfer suggests that whales may be accumulating, and market enthusiasm is also rising.
When big players make moves, the price is bound to change. Dogecoin is currently trading above $0.4, and everyone is keeping an eye on these large transactions. Trading volume has surged by 77%, and demand has increased, so a major move is likely to come soon.
Analyst Javon Marks speculates that Dogecoin could rise by 400% based on historical data and Fibonacci extension. He states that Dogecoin is currently in its third bull market cycle, similar to 2017 and 2021, and could reach $2.28, whereas it is currently only $0.42.
Dogecoin has previously risen in this manner, skyrocketing from the bottom to the highest point. This year may be similar, rising from $0.06 to $2.28, showing significant potential with a 457% increase.
Technical indicators also show that Dogecoin is set to rise. The chart currently displays a bullish pennant pattern, which often signals 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 significant increase usually follows consolidation.
Currently, Dogecoin is still consolidating, and traders and analysts are watching support and resistance levels. $0.4 is the support level, and if it holds, it may push towards $0.45. If it breaks through, the price will likely rise, and once the Dogecoin ETF is released, it could reach $0.5. If it cannot hold $0.4, it may need to pull back to $0.35.
The next layout direction, I will guide everyone to aim for the high-profit opportunities in altcoins, especially those with significant potential. An expected growth of over 10 times is not a problem. If you want to make big money in the bull market, like and leave a message, I will help you layout the entire bull market!
