Analysts have suggested that Dogecoin price is expected to rise greatly in the current bull market, and the price of the currency may go beyond $20.
From historical data of Dogecoin’s market performance, the current patterns of whale activity, and the price rebound indicating a bullish outlook for the meme coin.
Dogecoin Price Could Hit $20 in Current Bull Cycle
Crypto analyst Javon Marks believes that DOGE may show unprecedented gain during the current bull market. As stated by Marks, the historical moving averages in the Dogecoin price cycles also point to the possibility of a big rally in the year 2024.
For instance, Dogecoin skyrocketed 90x in 2017 and 306x in 2021. If Dogecoin follows such trends, the price could shoot past $20.
Marks adds that past bull cycles in Dogecoin have seen investors getting even higher returns as the positive sentiment and market momentum remain bullish.
Dogecoin price follows the same trendline of the previous years as the cryptocurrency market is on an upward rise again.
– Advertisement –
The bullish trend for Dogecoin (DOGE) is also backed up by Ali Martinez who predicts a future range of DOGE price from $4 to $23. According to the chart analysis by Martinez through fractal patterns in Dogecoin price history, there is a possibility that Dogecoin may follow the earlier bull trends.
Every major breakout phase is accompanied by a triangular pattern, followed by a rapid rise as shown in his analysis.
Source: X
Specifically, Martinez pointed out that the fractals show that the same pattern occurs in various timeframes, supporting the idea of another major uptrend.
The analysis shows that the price of Dogecoin follows the Fibonacci retracement levels and the symmetrical triangle.
This in turn supports the theory of a potential price increase. If this remains the case, Dogecoin might break out to the upside and possibly even hit the $23 mark in this bull run.
Recent Price Rebound Suggests a Potential Floor Level
Dogecoin, for instance, recovered to $0.3283 from a weekly low of $0.3097, which may be the bottom.
This rebound indicates that market buying interest is picking up and traders are looking for business opportunities by focusing on specific levels of support.
In addition, the rebound can be justified by technical analysis, which indicates a bullish reversal pattern.
Based on the candlestick formation in the 4-hour chart of Dogecoin, the MACD line shows a change in momentum.
The MACD line has moved above the signal line thus giving a bullish crossover, which is a good indicator that price action will turn upwards.
The histogram also shows this shift as it shifts from the left side of the graph to the right side.
The bull-bear (BBP) indicator currently shows a positive trend and the histogram is above the zero line, implying that the bulls are dominating the market.
This has put more weight on the bulls to break the $20 barrier, hence opening up chances of another price upswing.
Whale Activity Surges with $23 Billion in Transactions
In addition, Dogecoin has seen increased activity from DOGE whales, where large transactions made in the last 24 hours sum up to more than $23 billion.
This is an increase of 41% in whale activity explaining the high engagement from institutions and other big investors.
The on-chain data from IntoTheBlock shows that this spike in transactions is one of the biggest indicators of the Dogecoin ecosystem activity.
Whale accumulation has also been a big driver of market liquidity and price stability, where reports suggest that whales have bought 90 million DOGE within two days.
Such large scale transactions demonstrate a high level of confidence in the project and its future, thus strengthening its presence in the current bull market.
At press time, Dogecoin price was at $0.3261, rising by 2.8 percent over the past day. Shiba Inu has a market capitalization of $47.52 billion and has traded $1.43 billion within the past 24 hours.
