Dogecoin (DOGE) Price Looks Poised for a Significant Increase, Driven by Massive Accumulation by Whales

Dogecoin (DOGE) looks set for a significant price increase, driven by massive accumulation by whales and encouraging technical signals.

A significant price increase for Dogecoin (DOGE) may be brewing, fueled by massive accumulation by whales and promising technical signals. Analysis of on-chain data shows that large investors have been scooping up huge amounts of Dogecoin (DOGE), while technical analysis reveals a promising pattern for price surges.

Last week alone, whales bought around 100 million Dogecoin (DOGE) coins, according to Ali Martinez, a leading crypto expert. This massive buying spree showcases confidence in the continuation of the Dogecoin (DOGE) price recovery.

Moreover, Dogecoin’s (DOGE) social dominance score has risen to 2.524%, indicating that more users are discussing this coin in their messages on platforms like Telegram and Discord. This engagement is a key aspect of crypto price analysis in the age of Web3 and social media.

Crypto analyst CryptoBullet has identified the Livermore Accumulation Cylinder pattern on the Dogecoin (DOGE) chart, a rare sign of a price reversal. This pattern is formed by two converging lines, with the price bouncing off the lower band and testing the upper band.

According to his analysis, Dogecoin (DOGE) has completed the test of the downside of the pattern and is ready to surge, potentially setting sights on $3. If Dogecoin (DOGE) manages to rally from its current price of $0.788 to $3, it would signify a jump of 280% from current levels.

Such a move is not entirely impossible, considering that several other coins have experienced even more dramatic gains this year. For instance, a trader named "StillCrypto" highlighted the significant gains of coins like ApeCoin (APE) and Balancer (BAL), both of which have experienced price surges of over 1000% in 2023 alone.

Referring to the daily chart, Dogecoin (DOGE) appears to be in a falling wedge pattern, which is often considered a sign of a pending reversal. The widest part of this wedge is about 63%. If measured from the breakout point at $0.1595, the most likely short-term Dogecoin (DOGE) price target is $0.2625.

However, it’s crucial to note that no model in technical analysis is one hundred percent accurate. Therefore, a drop below last month’s low of $0.1300 would be an indication that there are still many sellers in the market, which could trigger more selling and derail bullish predictions for Dogecoin (DOGE) prices.

Overall, with whales actively accumulating and technical indicators presenting positive signals, Dogecoin (DOGE) is poised for the potential of a significant price surge in the coming weeks. Investors and market watchers should keep a close eye on these developments and adjust their strategies accordingly as market dynamics are continually evolving.

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.