Dogecoin (DOGE) is currently experiencing significant buying pressure, driven by increasing accumulation from large investors, or "whales." This trend has captured the attention of market analysts and traders who predict substantial price movements for the leading memecoin.
Dogecoin Whale Activity
Zycrypto reports that renowned market analyst Ali Martinez has highlighted the recent purchase of 60 million DOGE coins by a Dogecoin whale, linking it to strong accumulation interest.
Martinez views this development as a bullish sign, indicating that increased whale ownership reduces selling pressure as coins are held for future purposes rather than immediate speculation.
Digging deeper into Dogecoin's network dynamics, Martinez noted that the memecoin could face a significant surge of between 140% and 230% due to intensive consolidation. “Dogecoin is playing the same pattern we’ve seen before. It consolidates in a descending triangle, sees a 140% to 230% surge, and retraces 56% to 60% before entering a bull run,” said Ali.
If Martinez's prediction proves correct, Dogecoin could skyrocket from its current price of US$0.134 to the US$0.3 level, with the potential to reach the US$2 zone.
This forecast has put Dogecoin under the spotlight as investors and traders closely monitor the anticipated price movements.
Support from Other Analysts
The bullish sentiment around Dogecoin is not limited to Martinez. An economist and trader known by the pseudonym Mikybull Crypto also shares a similar view, suggesting that a post-halving rally wave could push DOGE to US$1.1.
According to Mikybull Crypto, it's only a matter of time, not if, Dogecoin will see a significant rise, especially as it's breaking out of a wedge pattern with a potential 44% upside.
Crypto analyst Trader Tarigrade also agrees, comparing the current Dogecoin trend to the 2017 and 2021 rallies. Tarigrade believes that DOGE mirrors this historical pattern, which could lead it to reach the psychological threshold of US$6 in the near future.
This optimistic outlook is supported by the broader crypto community, which has been closely observing Dogecoin's movements. The recurring pattern of consolidation followed by subsequent rallies lends credence to the predictions of a substantial price increase.
