As a seasoned crypto investor with a knack for recognizing patterns and trends, I find the recent analysis on Dogecoin (DOGE) quite intriguing. Having navigated through multiple market cycles, I’ve learned to read between the lines of technical indicators and big player movements.
During Sunday’s period of low market activity, the cryptocurrency sector exhibited a positive trend. A 1% increase in Bitcoin‘s value sparked a revival in several significant altcoins like Dogecoin towards the end of October. Notably, as a result of this recent price spike, a cryptocurrency analyst has pointed out a significant resistance level break for DOGE, suggesting it could trigger a powerful upward trend.
At the moment, the Dogecoin value is at approximately $0.14, showing a 2.49% increase within the day. Simultaneously, the market capitalization has escalated to an impressive $20.2 billion.
Will Dogecoin Price Surge 25% by October End? Analyst Shares Insights
This week, the crypto market underwent a significant reversal with Bitcoin’s price falling back from its $70,000 threshold. This bearish trend led to DOGE, the memecoin themed around dogs, dropping from $0.149 to $0.127 – representing a 14.6% decrease in value.
In a recent tweet, well-known cryptocurrency analyst Ali Martinez pointed out that this price drop appears to be forming a bullish “flag” pattern. Typically, such a pattern indicates a strong trend where a significant rise, or ‘Pole,’ is followed by a brief retracement confined between two descending trendlines, resembling a ‘Flag.’
This adjustment is intended to help buyers recover their lost bullish drive, preparing for the next upward jump. As of now, the Dogecoin price stands at approximately $0.14, hinting at a potential breakout above the resistance trendline of its current pattern.
The analyst points out a possible surge beyond the $0.143 area, potentially propelling a 25% increase to reach approximately $0.175.
Large Holders Boost DOGE Holdings by 17.6M
Based on information from Santiment, it appears that individuals who own significant amounts of Dogecoin (between 10 million and 100 million DOGE) have been increasing their holdings, adding approximately 17.64 million more DOGE to their wallets.
The increasing stockpiling by major investors might indicate a surge in their belief that Dogecoin’s future value will increase, potentially leading to more robust price stabilization in the upcoming period.
DOGE Price Analysis Hints an Escape from Major Accumulation
Based on the Dogecoin price forecast, it appears that the recent dip is probably part of a correction following an impressive rally that started in mid-October. Starting at around $0.10, the coin’s value climbed up to $0.149, representing a significant 48% rise.
The trading view chart shows this upswing breached a key resistance at $0.12, concluding a 4-month accumulation for DOGE. If sustained, the buyers could drive a 36% rally and hit the $0.00002 barrier.
Lately, a positive intersection has occurred between the short-term (50-day) and long-term moving averages (200-day EMA), which might strengthen the buying power for this asset, potentially leading to a prolonged upward trend.
Conversely, if the retest phase doesn’t manage to maintain the upward trend that was broken by the triangle, the sellers will tighten their hold on this asset, leading to a longer period of consolidation.
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2024-10-28 00:42