The price of Dogecoin has shown a downward trend in the past 24 hours. The price of DOGE reached a high of $0.424 during the day and has now dropped to a low of $0.3668.
Whale activity triggers speculation of price increases
The large transfer of DOGE by whales has caught the attention of market participants. According to Whale Alert, approximately 61 million DOGE, worth $23.5 million, was transferred from an unknown wallet to the Robinhood platform.
Subsequently, another transfer of about 85.4 million DOGE, worth $32.9 million, was made. These significant transactions may indicate important developments in the price of Dogecoin.
Ali Martinez, a cryptocurrency analyst, stated, 'Dogecoin has just entered its 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, indicating a bullish trend. He mentioned that a pullback to the $0.44 level could provide buying opportunities for investors.
Tardigrade also added that the price of Dogecoin could rise to $0.65, which means investors have a 50% profit potential. The movements of whales in the Dogecoin market and the results of technical analysis are prompting investors to closely monitor future price trends. Significant transfers often herald possible changes in market trends, while technical indicators support bullish potential.#币安ME开盘
