Dogecoin's price has shown a downward trend over the past 24 hours. The price of DOGE peaked at $0.424 during the day and has now fallen to a low of $0.3668.
Whale activity triggers speculation of price increases
The large transfer of DOGE by whales has attracted the attention of market participants. According to Whale Alert, approximately 61 million DOGE, worth 23.5 million dollars, was transferred from an unknown wallet to the Robinhood platform.
Subsequently, another transfer of approximately 85.4 million DOGE, worth 32.9 million dollars, was made. These significant transactions may signal important developments in Dogecoin's price.
Ali Martinez, a cryptocurrency analyst, stated, 'Dogecoin has just entered an upward cycle.'
Martinez pointed out that in the current bull market, DOGE has the potential to rise to $3, with a long-term target price of $18. He noted that the regression channel on the weekly chart indicates that DOGE has upward potential.
Technical analysis brings hope for a bullish outlook
Another cryptocurrency analyst, Tardigrade, stated that DOGE has broken out of a symmetrical triangle pattern, signaling a bullish trend. He mentioned that a pullback to the $0.44 level could provide a buying opportunity for investors.
Tardigrade also added that Dogecoin's price may rise to $0.65, meaning investors have a 50% profit potential. The movements of whales in the Dogecoin market and technical analysis results have prompted investors to closely monitor future price trends. Significant transfers often indicate potential market trend changes, while technical indicators support bullish potential.
