Seasoned market analyst Cantonese Cat has suggested that Dogecoin is ready for its next bullish outburst, speculating an ambitious surge to $24 per coin.
Despite a broader crypto market bullish momentum, Dogecoin has not yet replicated its early November success. For context, Dogecoin surged 132% in three weeks last month, hitting a three-year price high of $0.4800, spurred by a fever pitch demand.
Although the asset retested the multi-year resistance last week, it has retraced 16% from there to the current market price. However, Dogecoin bulls remain unperturbed, insisting that the meme coin will replicate Bitcoin’s bullish uptrend and see higher prices.
Dogecoin Ready for the Next Move, Analyst Insists
Pseudonymous analyst Cantonese Cat is among the market commentators speculating on higher prices for the meme coin alpha. In a Thursday tweet, he suggested that Dogecoin’s next move is imminent.
The market expert shares a Dogecoin 1W chart to back his assertions, pointing to the meme coin’s rejection of lower prices. His chart implied that the largest meme coin by market cap has held its own around the 0.786 Fibonacci extension and should move higher from the resistance region.
Notably, Cantonese Cat emphasized that Dogecoin saw a similar price action in 2021, where it surged from the same level. The analyst’s chart shows that the seventh-largest cryptocurrency by market cap surged from the region to above the 2.272 Fibonacci level, peaking at $0.73995 in the cycle.
As a result, he argued that Dogecoin is ready to replicate last cycle’s feat, predicting an ambitious uptrend to the same Fibonacci extension at $24. Meanwhile, a surge from the current market price to the lofty $24 price target will see Dogecoin appreciate 5,818%, with its market cap surpassing $3.5 trillion.
Whale Accumulation Reestablishes Bullish Sentiments
Interestingly, whale activities on the Dogecoin ecosystem suggest that market participants expect higher prices. Data shows a recent accumulation trend among large DOGE holders looking to leverage the dip and buy at a discount.
Market analyst Ali Martinez pointed to this accumulation trend, reestablishing positive sentiments in the Dogecoin community. The analyst shared a chart showing that whales holding between 10 million and 100 million DOGE bought 160 million of the meme coin ($64 million) in the past 24 hours.
The latest accumulation takes the holdings of whales of that caliber to 22 billion DOGE ($9 billion). Notably, an asset accumulation in this manner discloses positive market sentiments among whales and usually precedes a strong bullish outburst.
In the meantime, Dogecoin trades at $0.4038, down 3.37% in the past 24 hours.
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