Dogecoin (DOGE) was trading at $0.3848 at the time of writing, with a 24 hour trading volume of $4.08 billion. In the past 24 hours the price has fallen 5.11%, and over the past week has fallen by 4.50%.
Despite the recent decline, analysts believe that Dogecoin may be gearing up for a major breakout and peg its price at up to $15. There are a lot of historical patterns and the growing market activity as well as the fact that Dogecoin has recently teamed up with Arkham Intelligence to bring this outlook about.
Dogecoin Price Historical Patterns Show Consistent Cycles
Dogecoin price history reveals a recurring pattern of accumulation, breakout, and correction. Analysts have tracked four major cycles over the past decade that follow this trend.
The 2014–2017 cycle started with a long downtrend stretch; an accumulation phase; and a sharp price breakout. In the 2017–2019 cycle, accumulation was again followed by a powerful rise.
The 2019–2021 cycle resulted in Dogecoin reaching its ATH of $0.73916 during a market-wide rally.
Currently, the 2022–present cycle is showing similar behavior. Analysts suggest this setup could lead to another major price increase. Crypto analyst JAVON⚡️MARKS stated,
“History says Dogecoin is about to record a near +75% gain and more, to and above its current ATH’s before much, much higher.”
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Analysts based in past cycles place the potential price of $3 and in the best case of $7.20 to $15.
5.8 Billion DOGE Tokens See Sudden Movement
Dogecoin has seen an influx of activity on chain. According to technical analyst Ali Martinez, 5.8 billion DOGE tokens were transferred in 24 hours. Such high movement usually means some of the investors take profits after sees some price gains.
The increased activity follows a period where DOGE price surged nearly 500% from its July lows to its November peak. Profit-taking is common after such sharp price moves, but historical trends suggest these movements often occur before another upward breakout.
Analysts are keenly watching for continuation of accumulation and investors’ interests.
Arkham Intelligence Adds Dogecoin to Its Analytics Platform
Arkham Intelligence has announced the addition of Dogecoin to its analytics platform, bringing advanced on-chain tools to the network. The integration enables users to trace transactions, monitor wallets, and analyze Dogecoin’s blockchain activity in real time.
https://twitter.com/ICODrops/status/1868878377119367201
Despite being one of the oldest cryptocurrencies, there were very limited options for detailed on-chain analysis of Dogecoin.
Arkham’s tools close this gap by using insights into wallet activities and transaction patterns. Users will now be able to monitor addresses related to exchanges, institutional funds, notable entities and more.
The move expands Arkham’s supported networks to 16 blockchains and adds new resources to the Dogecoin community. This could add more investors and developers to a Dogecoin, which will increase transparency and the market participation.
