After a strong surge last week, Dogecoin (DOGE) has seen a significant pullback, dropping about 6.41% over the past eight days. However, this adjustment may provide investors with a good opportunity to accumulate more DOGE at a lower price, possibly the last chance to buy at such a favorable price.
In the past 48 hours, whales have devoured over 310 million DOGE, indicating that after a brief profit-taking phase, large-scale accumulation is occurring. This purchase, valued at over $73 million, primarily comes from whale wallets holding between 100 million and 1 billion DOGE.
Data shows that since July 17, total holdings by whales have increased to 25.42 billion DOGE. Historically, this kind of accumulation after a pullback often signals a rebound, and this time is no exception.
DOGE has broken through the wedge pattern that has persisted for several months and the 146-day ascending channel, gearing up for the next major surge. It is predicted that Dogecoin will experience a second spike after the pullback.
Currently, DOGE is testing the neckline of the double bottom pattern, which may serve as an ideal entry point before a breakout, providing a solid entry point for the next upward movement!
The double bottom pattern started forming back in February when DOGE fell below $0.25. Since then, the price has fluctuated between $0.1290 and $0.1430 until it broke the neckline last week. If the double bottom pattern holds, reclaiming the $0.26 support level could push the price up to $0.46, a gain of 115%.
Dogecoin remains a strong contender during this cycle, with predictions of at least a 3-5 times increase in the remaining time, and potentially even higher. While all altcoins have upward potential, DOGE's opportunity is particularly prominent.
