The Dogecoin ecosystem records an increase in bullish sentiments as whales go on a buying spree.
To the delight of the DOGE community, whale activities have resumed in the Dogecoin ecosystem. This increased large-scale DOGE accumulation has increased bullish sentiments around the DOGE price.
According to market expert Ali Martinez, Dogecoin whales stepped up their purchases, with data showing that they have bought 1.4 billion DOGE in the past two days. These whales spent $140 million to acquire the stash.
Accumulation Push Doge Past Major Resistance
Notable, the increased whale activities, among other bullish scenarios, have enabled DOGE to fight off a major resistance. Dogecoin surged past the $0.111 resistance level, where about 62,270 addresses hold over 36 billion DOGE.
It bears mentioning that supply regions of this nature are deemed resistant, as holders who have held at a loss tend to sell at break-even or with little profit.
Notably, Martinez had predicted this price action. According to an earlier report, the market analysts projected that DOGE would break past the $0.11 resistance.
Martinez cited positive signals from a break in pattern on Dogecoin’s Relative Strength Index (RSI) on the daily timeframe. The RSI broke above the descending trendline on 1D, signaling a bullish scenario.
What Next for Dogecoin
Meanwhile, the analyst predicted a further upside trend towards $0.15, as no major supply wall was in sight. He, however, noted that this sustained northward push would only be feasible if DOGE holds the $0.111 resistance.
So far, DOGE is holding the level, trading at $0.1148 at the time of writing. The largest memecoin by market cap has surged 5.56% in the past 24 hours, with its market cap hitting $16.7 billion.
Notably, Martinez had predicted a surge to $2 for Dogecoin. The analyst cited a bullish trend where the meme coin rallies significantly after breaking out from a descending triangle.
DOGE surged 229.6% after breaking and retesting a similar channel between 2015 and 2016. After a repetition of the scenario in 2018 to 2021, the memecoin pulled a 138% surge.
Dogecoin is on course to repeat the same pattern this bull run after a 60% correction from the 207% surge following the descending triangle breakout earlier in the year. Martinez sees DOGE reaching $2 if it completes historical rallies from this structure.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
