Dogecoin (DOGE) saw an impressive surge, breaking through a crucial resistance point during the past week, as meme coins and other alternative cryptocurrencies experienced a rally. The favorable sentiment in the crypto market combined with large investors hoarding approximately half a billion DOGE tokens implies that this upward trend might continue, possibly pushing Dogecoin’s price towards $1.
Dogecoin Climb as Whales Accumulate 550 Million DOGE
Based on Sanitment’s data, it appears that large Dogecoin investors, often referred to as “whales,” are steadily stockpiling Dogecoins. This could potentially lead to a quick rise in its price to $1 or more, given that whale purchases can inspire confidence and influence market trends.
The graph included here demonstrates that investors have amassed approximately 550 million Dogecoin (DOGE) from January 1st until now. Currently, with the Dogecoin price hovering around $0.410, these coins are valued at over $245 million. Over the past few months, significant whale investors have purchased a staggering 22.49 billion DOGE coins. This substantial accumulation is noteworthy because the meme token has been in consolidation, suggesting it could soon experience a significant upward surge.
Dogecoin Price Forecast Using Fibonacci Extension Tool
Another graph primarily emphasizes the Fibonacci Extension. This tool works by linking significant price fluctuations and pinpointing important price ranges. By joining the highest and lowest points from November and December, it indicates that the extended level could reach approximately $1.0790 for DOGE. This suggests a potential long-term increase in the value of DOGE towards $1.
DOGE Reveals A Bullish Pennant Pattern
In simpler terms, the third graph indicates that Dogecoin’s price is gradually shaping up into a bullish pennant formation on its weekly chart. This pattern started taking shape back in September when it hit a low of $0.0837. Since then, it has risen to reach a high of $0.4840 in November.
In simpler terms, the current merging of forces is contributing to the creation of a symmetrical triangle shape on the chart. If this triangle continues to develop as expected over the next few months, it could signal an upward trend or bullish breakout.
Looking at the graph again, it appears there’s no significant resistance above the pennant to reach its All-Time High (ATH). Therefore, if we surpass $0.4840, it could indicate further growth potentially reaching the ATH of $0.7447, which is a potential increase of 80% from the current price level.
After this surge, we can expect a leap towards the next significant psychological level at $1. This pattern is not unprecedented; in fact, it has occurred before. For instance, Bitcoin‘s price soared to its 2021 high of around $70,000 in 2024, and then went on to reach a new peak of $108,000 this year.
An important point to note is that the graph you’re looking at is a weekly one, so reaching $1 may be a gradual process as each vertical line on the chart corresponds to one week of time.
If Dogecoin’s price falls below the support level of $0.25 (the lower boundary of the pennant), the prediction that it could reach $1 will no longer hold true.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- FIS PREDICTION. FIS cryptocurrency
- EUR ARS PREDICTION
- ULTIMA PREDICTION. ULTIMA cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- Marvel Rivals Shines in its Dialogue
- Pokemon Fan’s Wife Finds Perfect Use for Their Old Cartridges
- POWR PREDICTION. POWR cryptocurrency
- EUR CAD PREDICTION
2025-01-17 16:42