fxs_header_sponsor_anchor

Dogecoin whales are buying the dip: Will DOGE lead a meme coin price rally?

  • Dogecoin price yielded 9% gains overnight as large wallet investors continued accumulating the meme coin. 

  • The largest meme coin in the crypto ecosystem showed mild decoupling signs from the broader crypto market over the weekend. 

  • Analysts are bullish on DOGE, predicting a run up to $0.80 in a massive price rally. 

Dogecoin, one of the largest meme coins in the crypto ecosystem, recently decoupled from other cryptocurrencies. DOGE price yielded 9% gains for holders since April 1. 

Whales continued accumulating DOGE tokens, fueling a bullish sentiment among holders. 

Also read: Elon Musk supports DOGE holders after $258 billion Dogecoin lawsuit

Dogecoin decouples from crypto market, what to expect

Analysts at the crypto intelligence tracker Santiment recently commented on Dogecoin’s decoupling from the crypto market. DOGE price rallied 9% overnight, driving a bullish sentiment among holders. 

Dogecoin accumulation and recent decoupling 

As seen in the chart above, experts identified a pattern of alternating “dump” and “accumulation” cycles in the Shiba-Inu-themed cryptocurrency. While DOGE is currently in the accumulation phase, it remains to be seen how long this phase lasts before whales take profits.

Large wallet investors have continued their accumulation of the Shiba Inu rival throughout the accumulation phase. Large wallet investors added over 10 million DOGE worth $123.1 million within three months. 

What’s next for Dogecoin price

Dogecoin price is currently in an accumulation phase, according to analysts at Santiment. Post this accumulation phase, if DOGE price sustains its uptrend, a bullish breakout is likely. The price chart below shows that the Dogecoin price broke out of its downtrend. 

The Relative Strength Index (RSI) shows a bullish divergence. This is typically considered a bullish sign for DOGE price. DOGE price would face resistance at the Fibonacci Retracement levels at $0.21, $0.31, $0.47, and $0.59 before hitting its bullish target. 

DOGE/USDT 1D price chart

It's yet to be determined if DOGE will continue its upward trend and generate more profits for its holders, and also whether it will trigger a surge in other meme coins related to Shiba Inu.Crypto analyst @WorldOfCharts1 has set a target of $0.80 for the meme coin.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.