In the past 48 hours, the price of Dogecoin has attracted renewed attention from large holders after 1.08 billion DOGE were purchased in a short period. This significant accumulation coincides with a strong price surge of Dogecoin, surpassing the $0.24 level, raising speculation about the next bullish move of this coin.
Whale Activity Signaling Renewed Interest in Dogecoin
Notably, recent on-chain data shared by analyst Ali Martinez shows that DOGE whale activity has increased. Addresses holding between 100 million to 1 billion DOGE have accumulated over 1.08 billion tokens in the past two days.
Thus, this accumulation phase of whales coincides with the price of Dogecoin rising above $0.24. This indicates a correlation between accumulation and a bullish trend in the market.
Traditionally, a strong increase in whale holding volume often occurs before short to medium-term price increases in the cryptocurrency market.
The trend of these large holders indicates the potential for this trend to continue.
A large number of wallet addresses belong to long-term holders or organizational wallets. The outflow of over a billion DOGE from these organizations may indicate that they anticipate this meme coin will soon increase in value or will rise in the future.
Dogecoin Maintaining Long-Term Upward Channel
According to the chart analysis from Crypto Yoddha, Dogecoin is trading within a parallel upward channel that began developing in early 2023.
Within this framework, the price has formed a series of higher lows and higher highs, indicating a continuous bullish market formation.
Notably, the latest recovery occurred in the middle of the channel, slightly above the $0.15 level, further solidifying the channel and creating a technical basis for subsequent bullish moves. This recovery, along with a bullish weekly candle and increased volume, indicates that the support trendline is active.
Additionally, this pattern provides a price action roadmap, and the upper limit of the channel indicates an upward direction above $0.80. As long as Dogecoin can maintain above this average line, its technical outlook will remain bullish.
Forecast Indicates a $1 Target in the Current Cycle
Furthermore, Crypto Yoddha notes that the current trend could support a price increase to $1, provided Dogecoin maintains its upward momentum and trendline structure.
As the chart shows, the meme coin must trade above the long-term support line and respect the broader upward channel.
After that, the price may extend to historical resistance zones. This is the range of $0.30 to $0.36, then slowly rising to the psychological level of $1.
The most recent all-time high of Dogecoin was achieved during the 2021 cycle when the price briefly exceeded $0.70.
In addition, the current arrangement has structural similarities with multiple retests of upward support lines and consolidation leading to higher breakthroughs.
However, the path to achieving $1 may involve sustained price interest, maintaining a bullish technical trend, and investor sentiment.
Dogecoin Following a 4-Year Pattern Heading Towards 2025
Meanwhile, according to Trader Tardigrade, the price of Dogecoin could break out in 2025 due to the annual candle structure.
He shared a chart showing growth in 2017 and 2021, each year having a prolonged rounded bottom.
The current price pattern resembles previous cycles, which could create a similar vertical trend leading up to 2025.
Furthermore, the analyst emphasizes a 4-year consolidation cycle, followed by an annual bullish phase. The years of significant bullish breakthroughs are marked by green arrows, and the current year is predicted to be 2025. If this bullish momentum continues, the price of Dogecoin may be in the early stages of a new bullish run, potentially surpassing its all-time high.