The largest meme coin in the cryptocurrency ecosystem showed slight signs of leaving the broader crypto market over the weekend. Dogecoin price gained 9% overnight as major wallet investors continued to accumulate meme coin. Analysts are optimistic about the altcoin, which they predict will go up to $0.8 in a major price rally.
Dogecoin is leaving the crypto market, what to expect?
cryptocoin.comAs you follow, Dogecoin (DOGE), one of the biggest meme cryptocurrencies in the cryptocurrency ecosystem, has recently separated from other cryptocurrencies. DOGE has earned 9% of holders since April 1. Amid these developments, whales continued to accumulate DOGE tokens, creating a bullish sentiment among holders.
Analysts at crypto intelligence tracker Santiment recently commented on Dogecoin’s departure from the crypto market. According to Santiment, the DOGE price surge of 9% overnight supported a bullish sentiment among its holders.
As seen in the chart above, experts have identified a shifting pattern of ‘dump’ and ‘accumulation’ cycles in the cryptocurrency themed Japanese dog breed Shiba Inu. While DOGE is currently in the accumulation phase, it is not yet clear how long this phase will take for the whales to take profits. During the hoarding phase, major wallet investors continued to hoard the Shiba Inu rival. Thus, major wallet investors have added 10 million DOGE worth $123.1 million in the last three months.
What’s next for altcoin price?
According to analysts at Santiment, the Dogecoin price is currently in an accumulation phase. After this accumulation phase, if the altcoin price continues its uptrend, a bullish trend is likely to develop. As seen in the price chart below, Dogecoin price has emerged from the downtrend. The Relative Strength Index (RSI) is also showing a bullish trend. This is generally considered a bullish sign for DOGE price. DOGE price will face correction levels at $0.21, $0.31, $0.47, $0.59 before reaching its bullish target.
It is not yet clear whether DOGE will be able to continue its uptrend and generate more revenue for its holders. Crypto analyst WorldOfCharts1 has set a target of $0.8 for the meme coin. It is not yet clear whether Dogecoin will lead a rally in other Shiba Inu-themed meme tokens.
At press time, DOGE was trading at $0.07909, down 3.41% in the last 24 hours, according to data from CoinMarketCap. The meme coin, which exploded from place to place with the support of Tesla CEO Elon Musk, stands in the green zone of 6.5% on the weekly chart. However, the altcoin stands 89% below its all-time high of $0.7376, which it saw nearly 2 years ago.
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