Here’s Why the Dogecoin (DOGE) Price Rally is Pre-Programmed to Hit the $1 Milestone!
The post Here’s Why the Dogecoin (DOGE) Price Rally is Pre-Programmed to Hit the $1 Milestone! appeared first on Coinpedia Fintech News
In times when the memecoins are gaining huge attention, the biggest memecoin, Dogecoin, continues to trade within a range-bound. The 24-hour trading volume has dropped below a billion, suggesting a shift of momentum away from the token, as Pepe is currently, the largest traded memecoin. However, the market dynamics for the DOGE price are believed to change soon as the token is close to the end of the accumulation phase.
Historically, the activity of the whales has been impacting the token’s price in the long term. Whenever the accumulation rises, the probability of a strong ascending trend also rises but a drop may certainly not indicate a bearish trend. In a recent Santimnet shared by a popular analyst, ALI, Dogecoin whales have resumed accumulating the token.
The above chart shows the number of addresses holding DOGE tokens between 100 million and 1 billion, accumulating over 200 million DOGE since May 30. They currently hold DOGE worth over $31 billion, which indicates they hold a significant share of the tokens in circulation. Despite this, the price remains unchanged but the token appears to be preparing for a massive move soon.
According to the analyst, the ongoing price correction is part of its usual behaviour before the massive bull run, as demonstrated back in 2017 and 2021. In 2017, the DOGE price broke out of a descending triangle, followed by a retracement of 40% and a bull run of over 900%. Later in 2021, the token performed a similar action of a retracement of over 50%, which resulted in a monstrous rally of over 12,000%.
Now that the DOGE price has again broken above the descending triangle and undergone a 50% retracement, it seems that the next bull run could be triggered anytime from now on. Considering the previous upswing, the next bull’s move may lift the Dogecoin price beyond the $1 milestone too.
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