In the past 48 hours, Dogecoin's price has regained attention from large holders after 1.08 billion DOGE was purchased in a short period. This significant accumulation coincided with a strong price increase of Dogecoin, surpassing $0.24, raising speculation about the next bullish move of this coin.
Whale Activity Signals 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 and 1 billion DOGE have accumulated over 1.08 billion tokens in the past two days.
Therefore, this accumulation phase of whales coincides with Dogecoin's price rising above $0.24. This indicates a correlation between accumulation and a bullish trend in the market.
Traditionally, a strong increase in whale holdings often occurs before short to medium-term price increases in the cryptocurrency market.
The trend of these large holders indicates the possibility that this trend will continue.
A large number of wallet addresses belong to long-term holders or institutional wallets. The outflow of over one billion DOGE from these institutions may indicate that they anticipate this meme coin will soon appreciate or will increase in value in the future.
Dogecoin Maintains Long-Term Upward Channel
According to Crypto Yoddha's chart analysis, Dogecoin is trading within a rising parallel channel that began developing in early 2023.
Within this framework, the price has formed a pattern 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 area, further reinforcing the channel and creating a technical base for subsequent price increases. 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 $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 bullish channel.
Subsequently, the price may be extended to historical resistance zones. This is the area between $0.30 and $0.36, after which it may slowly rise to the psychological level of $1.
Dogecoin's most recent all-time high was achieved in the 2021 cycle when the price briefly surpassed $0.70.
Additionally, the current arrangement has structural similarities with multiple retests of rising support lines and consolidation leading to a higher breakout.
However, the path to reaching $1 may involve sustained price interest, maintaining a bullish technical trend and investor sentiment.
Dogecoin Following 4-Year Pattern Towards 2025 Candle
Meanwhile, according to Trader Tardigrade, Dogecoin's price could break out in 2025 due to the annual candle structure.
He shared a chart showing growth in 2017 and 2021, each year featuring extended rounded bottoms.
The current price model resembles previous cycles, potentially creating a similar vertical trend leading up to 2025.
Furthermore, the analyst emphasizes a 4-year consolidation cycle, followed by an annual bull run. The breakthrough years are indicated by green arrows, with the current year predicted to be 2025. If this bullish momentum continues, Dogecoin's price may be in the early stages of a new bullish trend, potentially surpassing its all-time high.
