Dogecoin (DOGE), one of the most notable assets in the world’s cryptocurrency market, appears to be showing a distinct lack of performance compared to other altcoins lately. However, there are some crypto analysts who suggest that this lackluster performance is just an intermediate phase and Dogecoin could potentially gain significant bullish momentum.
When famous crypto analyst Ali Martinez closely examined Dogecoin’s price movements, he noticed a striking similarity to what happened in 2020. discovered. In particular, in 2020, Dogecoin’s price chart entered a period of consolidation after breaking out of the descending triangle formation and subsequently experienced a tremendous increase. Now, according to Martinez, Dogecoin may be repeating a similar pattern.
Currently, Dogecoin’s price chart has again broken out of a similar descending triangle formation and is in a consolidation phase. According to the analyst, this situation can be considered as preparation for the next big bull run. Martinez suggests that this period of consolidation could push Dogecoin’s price even higher. Accordingly, the analyst’s price target for meme coin is $10.
However, it is worth remembering that investors have been waiting for the Dogecoin price to rise to $ 1 for a long time. During the last bull run, meme coin price reached an all-time high of $0.73 and has corrected almost 90% since then. At press time, DOGE is trading at $0.08.
DOGE Whales Seek Accumulation
Interestingly, on-chain data shows that a group of strategic whale investors have chosen to seize the opportunity presented by the market decline rather than join the trend of selling existing assets. According to Santiment data, there are dynamic changes occurring in the balance of whale wallets, each containing a minimum of 10 million DOGE (approximately $800,000). The whales in question currently hold a balance of more than 15 billion DOGE.
You can follow the current price movement here.
