Here’s Why Dogecoin (DOGE) Price Rise Is Pre-Set To Hit $1 Milestone!

The article Why Dogecoin (DOGE) Price Rise Is Pre-Set To Hit $1 Milestone! first appeared on Coinpedia Fintech News At a time when memecoins are receiving a lot of attention, the largest memecoin Dogecoin continues to trade in a range.

The 24-hour trading volume has dropped below 1 billion, indicating that the momentum is shifting for the coin as Pepe is currently the most traded memecoin. However, as the coin approaches the end of the accumulation phase, the market dynamics of DOGE’s price are believed to change soon.

Historically, whale activity has been influencing the price of the coin in the long term. Whenever accumulation increases, the probability of a strong uptrend also increases, but a decline may not indicate a bearish trend. In a recent Santimnet shared by renowned analyst ALI, Dogecoin whales have resumed accumulating the coin.

A look at the number of addresses showing #DOGE holding between 100 million and 1 billion tokens has accumulated to over 200 million since May 30, $DOGE . They currently hold over $31 billion worth of DOGE, which suggests they hold a significant portion of the tokens in circulation. Despite this, the price remains unchanged, but the coin seems to be preparing for a massive move soon.

Analysts say that continued price corrections are a common behavior before massive bull runs, as demonstrated in 2017 and 2021. In 2017, DOGE prices broke out of a descending triangle, followed by a 40% retracement and a bull run of over 900%. In the second half of 2021, the coin also performed a similar operation, with a retracement of over 50%, leading to a surge of over 12,000%.

Now, Dogecoin prices have once again broken out of a descending triangle and experienced a 50% retracement, and it seems that the next bull run could be triggered at any time from now. Considering the previous rallies, the next bull run could also push Dogecoin price to milestones above $1.