Dogecoin accumulation by whales has increased significantly, with large holders adding more than 2 billion DOGE in the past two weeks, indicating growing confidence. DOGE’s daily trading volume has also doubled to more than $700 million, and analysts are predicting a significant bull market ahead.
After a bearish start to last week’s October, the broader crypto market made a strong comeback on Monday. As of today, the memecoin sector is doing very well, with Dogecoin (DOGE) gaining traction.
Earlier today, Dogecoin (DOGE) price soared nearly 7% to $0.115, giving it a market cap of over $16.3 billion. Additionally, DOGE’s daily trading volume surged 100% to over $700 million.
Crypto analyst Ali Martinez suggests that Dogecoin (DOGE) may be following a historical pattern. He notes the common trend of cryptocurrencies breaking out of multi-year downward triangles, experiencing massive 200% gains, and then experiencing 60% retracements before entering a bull market. After enduring a recent 65% decline, Martinez believes DOGE may be gearing up for its next big rally.
History often repeats itself, #Dogecoin Maybe that’s exactly what he’s doing.
Common pattern: breakout from a multi-year descending triangle, 200% spike, 60% retracement, and bull market.
After a recent drop of 65%, $Doge You might be getting ready for the next big rally! pic.twitter.com/c93A4Fec7V
— Ali (@ali_charts) October 6, 2024
On the other hand, the Dogecoin whale has accumulated significantly. In the past two weeks, the whales have added more than 2 billion DOGE to their kitty, showing growing confidence among large holders, CNF reported. Therefore, even in case of further decline, DOGE price will not fall below the major support levels.
Dogecoin (DOGE) technical chart shows strength
According to technical charts and recent movements, DOGE price will show positive movement when it trades above the 200 Exponential Moving Average (EMA) and Volume Weighted Average Price (VWAP). The last time Dogecoin held this position was in March of this year, resulting in a staggering 172% surge.
Currently, Dogecoin is above VWAP and just below the 200 EMA ($0.11725). The current price is around $0.1150. According to a CNF report, analysts have suggested that if DOGE is able to close above the 200 EMA, it could cause significant price movement in the short term.
when good things happen $Doge Price is above the 200 EMA and VWAP. The last time something like this happened was in March of this year #Doge 172% progress 👀#Dogecoin If we are above VWAP, we only need to close above the 200 EMA at $0.11725. The price is currently around $0.1150. we could see… pic.twitter.com/wBldAGsYAP
— JohnÐoge (@justjohndoge) October 7, 2024
Dogecoin (DOGE) has gained significant public attention, establishing itself as a pioneering meme coin with support from celebrities like Elon Musk. Historically, a single tweet from Musk could propel DOGE to new heights. However, recent trends suggest that despite Musk’s continued efforts, his tweets are losing influence as Dogecoin struggles to break through key resistance levels. I am.
