Dogecoin Resurfaces: Approaching $10 as Bull Run Recalls 2020 Surge
Key Takeaways
– Analysts are predicting a bullish surge for Dogecoin (DOGE) to reach $10.
– Bollinger Bands indicate resistance at $0.089, but a breakthrough could lead to a target of $0.1.
– Dogecoin whales, holding 10 million or more DOGE, are accumulating instead of selling during market dips.
Dogecoin (DOGE) is making a comeback in the world of altcoins, with analysts drawing parallels between its recent performance and the significant bull run of 2021. This similarity suggests that DOGE could potentially reach $10 in the upcoming bull market.
Crypto analyst Ali Martinez has identified similarities between Dogecoin’s recent price movements and those observed in 2020. In 2020, DOGE broke out from a descending triangle, went through a consolidation period, and then skyrocketed by an astonishing 28,770%. Currently, DOGE appears to be following a similar pattern, leading analysts to believe that it may experience exciting price movements in the future.
However, there is a challenge indicated by the Bollinger Bands technical indicator. Bulls are facing significant resistance at around $0.089. If this hurdle is overcome, it could trigger a notable bullish surge, potentially aiming for the expected price target of $0.1. Although investors have long hoped for Dogecoin to reach $1, in the previous bull run, it only reached a peak of 66 cents before correcting by nearly 90%. Currently, DOGE is trading at $0.083 with a market cap of $12.05 billion, maintaining its position above the 20-day Simple Moving Average (SMA).
Recent on-chain data reveals a unique strategy employed by Dogecoin’s strategic whale investors during the recent market dip. Instead of selling off their assets, a specific group of whales, each holding at least 10 million DOGE tokens (equivalent to approximately $800,000), has chosen to accumulate. The cumulative Dogecoin whale balance has surpassed an impressive 15 billion DOGE tokens, as reported by Santiment.
In conclusion, analysts are optimistic about Dogecoin’s potential for a bullish surge to $10. While there is resistance at $0.089, a breakthrough could lead to a target of $0.1. Additionally, Dogecoin whales are accumulating rather than selling during market dips, indicating confidence in the future of the cryptocurrency.