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Dogecoin Whales Accumulate 200M DOGE, Fueling Bullish Market Sentiment
Dogecoin (DOGE) has been making headlines recently as whale accumulation and bullish technical patterns have helped to fuel the market giddiness. Now that the markets are poised for a breakout, analysts are pegged a price range of $2 and more. Check out the latest analysis on the most recent price movements and potential paths ahead.
Dogecoin Whales Accumulate 200M DOGE
Renowned analyst Ali Martinez leaked in an X post on March 26 that Dogecoin whales have accumulated 200 million DOGE in the preceding two weeks. This increase in accumulation despite fluctuations has strengthened favorable market attitudes about DOGE’s future course.
Technical Patterns Signal Bullish Breakout
Crypto Elites claims that the Dogecoin is creating a cup and handle pattern, a generally known bullish continuation scenario. Once DOGE crosses its neckline resistance at $0.185, this structure points to a breakthrough. This technical framework leads one to estimate a target price between $1.85 and $2.00. A crucial level for traders to monitor, the depth of the cup helps with this computation.
Historic Trends: Parallels with 2017 Bull Run
Crypto analyst KrissPax says the current trend of DOGE is not consistent with its bull run in 2017. The historical evidence is strong that if DOGE repeats its form of 2017 it could see another major breakout. This might lead to DOGE trading at $4. It’s a large prediction, but meme currencies commonly do parabolic rallies. Current Price Action and Key Resistance Levels.
Current Price Action and Key Resistance Levels
Dogecoin broke out of a descending trendline and this could be the beginning of a shift from bearish towards bullish momentum. After recovering from recent support levels of $0.178–$0.18, the price is getting support at $0.22, which could put the currency on a solid upward momentum to $0.25–$0.30 should the rally continue.
Technical signs point towards this kind of rally; RSI is trading at 56.54, which is neutral to bullish, and the MACD crosses bullish, which suggests a further up trend. Staying above $0.20 will add to the bullish momentum, while losing $0.18 could turn into another test of $0.15 to decide whether this is a good enough wave to continue upwards.
Source: TradingView
Futures Open Interest Signals Market Confidence
As added to the positive sentiment, Memecoin futures open interest (OI) has increased by 15. 08% from yesterday’s close to $2. 17 billion. Derivatives trading volume, meanwhile, hit $5. 12 billion, with trading volume up 39. 43% according to Coinglass data.
In the last 24 hours, total liquidations are $9.46 million, and $7.99 million in short positions were cleared out. That is a large amount of short positions cleared out and suggests positive momentum is still at play. This further strengthens the likelihood that a sustained uptrend can be expected.
Is DOGE on the Verge of a 10x Rally?
With increasing whale accumulation, positive technical patterns, and strong market interest, Dogecoin appears poised for a significant price surge. While the $2 target is backed by chart patterns, historical cycles suggest an extended rally to $4 is possible in the long run .
