Since November 4, Dogecoin, the top meme coin by market cap, has surged by approximately 155.25%. Notably, some key technical indicators suggest that there is still room for growth in the Dogecoin market. Additionally, reports indicate that DOGE is going to witness a parabolic bull run soon. In a recent post on X, Crypto expert Ali explains the current Dogecoin market landscape in depth. Curious to know? Dive in!
Dogecoin’s Parabolic Bull Run and Whale Activity
Rumours suggest that Dogecoin has recently become one of the most favoured choices of crypto whales. In a post published on X by Ali about Dogecoin whales on November 15, he noted that at least 140 million Dogecoins had been purchased by whales within just 24 hours. In another post published on November 17 by Ali regarding the Dogecoin retail investment scenario, he highlighted the growing interest among retail investors in this meme coin.
On May 7, 2021, the Dogecoin price was nearly $0.69011. The current price is at least 77.51% lower than the peak of May 2021. Moreover, the current MVRV ratio remains at around 42.65%. These factors clearly indicate that there is more room to grow for DOGE.
Key Price Predictions for Dogecoin
A parallel channel pattern has been observed by the crypto expert in the weekly chart of Dogecoin. The chart, shared on November 12 by the expert regarding the Dogecoin price action, suggests that a rebound from the lower channel could take the DOGE price to the middle channel of $2.40 or even to the upper channel of $18.
In his November 10 post, Ali, using the Fibonacci retracement indicator, predicted that the DOGE market could reach the range between the retracement levels of 1.618 and 2.272. Interestingly, the Fibonacci retracement level of 1.618 sits at $3.95, and the level of 2.272 at $23.26.
Historical Bull Runs: Insights and Patterns
Highlighting the massive growth potential of Dogecoin, the crypto expert, in his November 13 post, noted that the DOGE market witnessed a massive rise of 9,470% in its 2017 Bull Run and an astounding surge of 30,700% in the 2021 Bull Run.
In his latest post, Ali emphasises the possibility of price corrections, describing how the market experienced corrections in 2017 and 2021.
In conclusion, Dogecoin’s journey to higher price levels is fueled by whale activity, historical trends and market signals.
