- Dogecoin is hovering near the previous peak and could reverse its decline as the bullish momentum continues.
- In the past month, whales have purchased more than $11 billion worth of DOGE.
- Many analysts think the price may rise to more than $0.95 if historical patterns are repeated.
Dogecoin is sending positive indications, supported by repeated chart patterns and robust long-term forecasts. Trader Tardigrade believes that Dogecoin is currently retracing an established uptrend pattern that has historically driven strong price returns. History appears to be repeating itself, as it did in 2017, which points to a potential resurgence in DOGE like the one seen in 2021 during the current period of price consolidation.
Tardigrade predicts that the consolidation period will be short-lived before a decisive break above resistance leads to a rally toward the $0.40 range. Dogecoin’s surge in May hints that higher prices could be on the horizon. Increasing participation on-chain and throughout the network aligns with a bullish outlook.
A different analyst, Bitcoinsensus, remarked that DOGE was showing evidently erratic price movements on the weekly chart. With each successive wave, Dogecoin has risen in value more than it did in the last wave. He noted, “The next projected target for $DOGE is 0.95$.”
Whales Buy Over $223 Million in DOGE
Whales have been recently paying more attention to Dogecoin over the past month. Large investors’ accumulation of 1 billion DOGE has contributed to price rises and hinted at enthusiasm for Dogecoin’s continued growth. A surge in large purchases has driven up the market cap of Dogecoin by over $11 billion which is currently valued at $33.37 billion.
This surge in ownership has happened alongside the continued expansion of the network. Data indicates that the network’s transaction volume and the number of active wallets are increasing. They often forecast the beginning of an upward price trend as well.
DOGE is trading at $0.2168 today, despite a 2% short-term decline but a 9% weekly gain. The short-term drop has not slowed down the overall bullish trend. Currently, the RSI is at 58.0,8, which typically indicates that the market is either neutral or bearish. The MACD reinforces that the market is steadily moving higher.
Technical Indicators Support Uptrend Continuation
The price of Dogecoin has been steadily gaining momentum since reaching the $0.25 mark, which many analysts believe indicates the emergence of a bull flag. This pattern tends to signal an impending upward push in price.
Current momentum suggests that the Balance of Power indicator could indicate a shift in market direction. If DOGE holds above $0.20 and breaks above $0.25, the likelihood of reaching $0.40 increases.
There are several signs suggesting that DOGE is on the verge of entering its next stage of a larger bullish move. Some analysts predict that DOGE will replicate its previous patterns and potentially reach prices between $0.40 and $0.95 by the end of the year.
