- Dogecoin follows a familiar chart pattern hinting at potential gains.
- Analysts predict an 11,541% surge if history repeats.
- Resistance at $0.089: Bollinger Bands signal a crucial resistance level.
Back in 2020, DOGE broke out from a descending triangle, followed by a consolidation phase, and then skyrocketed by an astonishing 28,770%. Fast forward to today, and we’re witnessing a similar sequence.
DOGE has once again broken out of a descending triangle and is currently in a consolidation phase. Could this be the setup for another significant bull run? The signs seem to point in that direction.
The Price Targets: What Lies Ahead?
Many analysts believe that if history repeats, DOGE could experience a significant price surge and reach a new all-time high.
For instance, Trader Tardigrade, a crypto analyst, suggests that the anticipated meteoric rise may come with the next price spike. Imagine the excitement among DOGE enthusiasts if that prediction comes true.
Last week, the price of DOGE struggled to rise above a critical resistance level, $0.1. However, the token managed to break this barrier yesterday.
Analysts had suggested that breaking through this barrier could trigger a notable bullish surge, possibly aiming for the coveted price target of $0.1. Investors have long dreamed of DOGE reaching $1. Currently trading at $0.11with a market cap of $12.05 billion, DOGE remains above the 20-day Simple Moving Average (SMA).
Recent on-chain data reveals an interesting strategy by DOGE’s strategic whale investors. Instead of selling off assets during the recent market dip, a specific group of whales—each holding at least 10 million DOGE tokens (equivalent to approximately $800,000)—has chosen to accumulate.
Santiment reports a cumulative Dogecoin whale balance surpassing an impressive 15 billion DOGE tokens. Clearly, this could be the best time to accumulate DOGE considering whales are betting on DOGE’s potential. But as always, ensure to tread cautiously and make informed decisions when trading.
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