Dogecoin (DOGE) has seen a significant uptick in whale activity, with large holders accumulating 100 million DOGE in the past 24 hours. The recent accumulation reflects increasing confidence in the asset, with analysts forecasting a substantial price movement based on historical trends and technical indicators.
Dogecoin’s Historical Data Hints at a Massive Rally
Market analyst Javon Marks pointed out that Dogecoin’s previous bull runs have resulted in explosive gains. In 2017, DOGE experienced a 90X price increase, followed by a 306X surge in 2021. Marks suggested that if the pattern holds, DOGE could exceed $20 in the next bullish cycle. His analysis highlights the coin’s ability to sustain accumulation phases before major breakouts, a trend that has repeated in past market cycles.
The potential for another exponential rally is based on DOGE’s historical performance, where extended consolidation periods have led to dramatic price increases. However, Marks also noted that while past trends offer insight, external market factors will ultimately determine whether the coin follows the same trajectory in the current cycle.
DOGE Technical Analysis Points to $15 Target
Crypto strategist Ali provided a different perspective, focusing on Dogecoin’s long-term technical structure. According to his analysis, DOGE is currently moving within a multi-year ascending parallel channel, a pattern that typically indicates bullish momentum over time. If the trend remains intact, DOGE could gradually approach the $15 mark.
Ali emphasized that price movements within this pattern are influenced by key resistance and support levels, which could slow or accelerate the asset’s growth. While the channel suggests a strong uptrend, DOGE price action will depend on whether it can maintain momentum and break through critical price barriers.
Also Read: Shiba Inu Struggles at $0.000015: Is Further Correction Inevitable?
Source: https://www.cryptonewsz.com/dogecoin-whale-100m-doge-analyst-predict-surge/