- Whale accumulation of Dogecoin has increased significantly, with large holders adding over 2 billion DOGE in the past two weeks, indicating growing confidence.
- The daily trading volume for DOGE has also doubled, exceeding $700 million, with analysts predicting a major bull run ahead.
The broader cryptocurrency market is witnessing a strong resurgence on Monday, following a bearish start to the month of October last week. As of today, the meme coin sector is performing very well with Dogecoin (DOGE) stealing the show.
Earlier today, the Dogecoin (DOGE) price surged by nearly 7% all the way to $0.115 with its market cap soaring past $16.3 billion. Also, the daily trading volume for DOGE surged by 100% all the way shooting past $700 million.
Crypto analyst Ali Martinez suggests that Dogecoin (DOGE) may be following a historical pattern. He notes a familiar trend where the cryptocurrency breaks out from a multi-year descending triangle, experiences a significant surge of 200%, and then undergoes a 60% retracement before entering a bull run. After recently enduring a 65% pullback, Martinez believes DOGE could be preparing for its next major rally.
History often repeats itself, and #Dogecoin might be doing just that.
A familiar pattern: breakout from a multi-year descending triangle, 200% surge, 60% retracement—then a bull run.
After a recent 65% pullback, $DOGE could be gearing up for the next big rally! pic.twitter.com/c93A4Fec7V
— Ali (@ali_charts) October 6, 2024
On the other hand, there’s been a strong whale accumulation for Dogecoin. Over the last two weeks, the whales have added more than 2 billion DOGE into their kitty showing a growing confidence among the large holders, reported CNF. Thus, even in the case of a sell-off ahead, the DOGE price won’t be falling behind its key support levels.
Dogecoin (DOGE) Technical Chart Shows Strength
As per the technical chart and recent movements, the DOGE price shows positive movements when it trades above the 200 Exponential Moving Average (EMA) and the Volume Weighted Average Price (VWAP). The last time Dogecoin maintained this position was in March this year, which resulted in an impressive 172% surge.
Currently, Dogecoin is above the VWAP and is just below the 200 EMA, which stands at $0.11725. The price is currently around $0.1150. Analysts suggest that if DOGE can close above the 200 EMA, it could trigger significant price movements in the short term, reported CNF.
Good things happen when $DOGE price is above the 200 EMA and VWAP. The last time this happened was back in March this year & #DOGE made a 172% move 👀#Dogecoin is above VWAP, it just need to close above the 200 EMA at $0.11725. Price is currently around $0.1150. We could see… pic.twitter.com/wBldAGsYAP
— JohnÐoge (@justjohndoge) October 7, 2024
Dogecoin (DOGE) established itself as the pioneering meme coin, capturing public attention significantly due to endorsements from prominent figures like Elon Musk. Historically, a single tweet from Musk could propel DOGE to new heights. However, recent trends suggest that his tweets have lost their influence, as Dogecoin struggles to break through critical resistance levels despite Musk’s ongoing efforts.
