As a seasoned researcher with a deep-rooted interest and experience in the cryptocurrency market, I find the recent developments surrounding Dogecoin intriguing. The latest revelation by renowned crypto market analyst Ali Martinez regarding massive accumulation of DOGE by whales has sparked a wave of optimism among investors.
Renowned crypto market analyst Ali Martinez shared exciting news about Dogecoin on X today, July 18. He revealed massive accumulations of DOGE in the last 24 hours, sparking optimism among crypto enthusiasts. Despite recent market turbulence for the dog-themed meme coin, these significant on-chain movements have revived hope.
As a market analyst, I’ve been closely monitoring Dogecoin’s market trends and based on the latest data, there are indications suggesting a possible price target of around $0.133 for the token. Here’s a brief overview of the current market statistics that support this prediction:
Dogecoin Whales Buying The Dip?
Significantly, the DOGE price has faced a reversal during an overall upward trend, as evidenced by weekly growth of approximately 9%. Today, the meme currency moved into the red territory, aligning with the downturn in the larger crypto market. This shift seems to have triggered large investors to buy extensively in the meantime.
According to Ali Martinez’s post, data from Santiment reveals that over 60 million Dogecoin coins have been amassed during the asset’s turbulent period. This accumulation of coins has resulted in substantial buying pressure on Dogecoin, instilling optimism among investors about potential price increases. The market sentiment towards Dogecoin is currently upbeat, as evidenced by large-scale investors making significant purchases.
During this extensive buying period, the price of the Dogecoin token hovered around the $0.12 mark without significant movement. This level has emerged as a crucial support zone for the token. In summary, the purchasing activities of Dogecoin’s large investors have sparked positive expectations regarding future price trends.
DOGE To $0.133 Possible?
As of when this article was published, the price of DOGE was at $0.1223, representing a decrease of 2.24% over the last 24 hours. The lowest and highest points during this time frame were $0.1203 and $0.126 respectively.
Based on a latest analysis by CoinGape Media, there are indications that the price trend for Dogecoin is shifting towards an upturn. On its weekly chart, the meme coin appears to be forming a bullish reversal pattern, which is characterized by a rounded bottom. This occurrence signifies that the downtrend, triggered by increased buying activity from investors, might be coming to an end.
As a researcher studying the Dogecoin market, I’ve observed a significant build-up of tokens by whale investors. This trend aligns with my data analysis and could potentially lead to further gains for the token. Consequently, I anticipate a possible price surge towards $0.133 in August.
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2024-07-18 17:08