Dogecoin whales are accumulating, and DOGE's "parabolic rise" is imminent…

Dogecoin has repeated its bullish fractal from 2021, with whales pouring in, and Elon Musk's influence has sparked speculation for an 85% rebound.

The price pattern of Dogecoin is similar to its behavior before the 8,000% rise in 2021, which raises speculation for another significant breakout in the coming weeks.

The price of Dogecoin (DOGE) has rebounded 480% from its low in August, including a 220% rebound after Donald Trump won the presidential election in November.

Notably, after the recent parabolic rebound, DOGE is trading in a narrow range between $0.39 and $0.48, marked with a red circle in the image above. The consolidation phase reflects the integration phase at the beginning of 2021 when Dogecoin experienced a strong rise followed by a sideways consolidation trend, then another significant breakout.

If history repeats itself, DOGE may initially target $0.75, as indicated by the Fibonacci retracement forecast for January 2025, reflecting an 85% price surge.

Addresses holding 1 million or more DOGE now hold 130.2 billion DOGE, setting a new historical high. The increase in supply from whale addresses indicates that large investors are becoming more confident in Dogecoin's upward trajectory.

During the rebound in 2021, whale addresses also saw a similar boom in DOGE supply, rising from 110.3 billion to 112.5 billion.

Elon Musk's influence continues to play a key role in driving Dogecoin's performance and the growth of whale demand. During the 2020-2021 rebound, Musk frequently tweeted in support of meme coins, which helped propel their prices significantly upward.

Technically, the DOGE/USD daily chart shows the formation of a bullish flag. A bullish flag is a pattern characterized by two rebounds with a brief consolidation period in between.

Once validated, the price of DOGE could climb to $0.60. In a highly bearish scenario, the value of the meme coin could approach the $1 mark.

However, if the price breaks below the downward trendline of that mark, this prediction could be invalidated. A decrease in the number of new Dogecoin holders could also lead to a price drop. In that case, DOGE could fall to $0.33. #加密市场反弹 $BTC