NAIROBI (Coinchapter.com) – DOGE whales – addresses holding more than a million Dogecoin – are garnering considerable attention. Recently, data from Messari indicates that over 4,780 addresses hold this significant amount of the popular meme coin. This concentration of wealth suggests these major investors could potentially influence DOGE’s price trajectory in the market.

Mayne’s screenshot. Source: X

While the trajectory of Dogecoin’s price is inherently uncertain, enthusiasm for the meme-inspired cryptocurrency remains fervent. Some market observers suggest that DOGE could surge significantly in the current market cycle. The possibility of substantial gains, especially driven by substantial holdings, continues to spark interest among investors.

Dogecoin Address Chart. Source: Messari

DOGE Current Consolidation Mirrors 2020 Base

The analysis by Cointelegraph highlights Dogecoin’s ongoing sideways trading range between $0.055 and $0.181. Notably, these bounds align with the 0.236 and 0.0 Fibonacci retracement levels, respectively, echoing the market equilibrium phase observed from 2018 to 2020.

1- week price chart. Source: TradingView

During that earlier period, Dogecoin consolidated within a narrow $0.0012 to $0.0056 range before breaking out and kickstarting its exponential ascent. The current attempt to surpass the 0.236 Fib level, around $0.181, mirrors the previous cycle’s breakout, suggesting a potential shift in market sentiment if the price sustains above this critical resistance.

Doge Whale Activity and Market Impact

As the doge whales closely monitor these technical formations, their substantial holdings grant them outsized influence on Dogecoin’s price trajectory. Concerted buying or selling pressure from Doge whales can catalyze significant volatility and trend reversals.

Action: While past performance is no guarantee of future results, the uncanny resemblance to the 2020 fractal has reignited discussions around Dogecoin’s potential to reach the long-coveted $1 mark. However, market analysts caution that such speculative targets should be viewed through a rational lens, as the inherent unpredictability of cryptocurrencies can defy even the most compelling technical patterns.

The post Are Doge Whales in Mood to Send DOGE Price to $1? appeared first on CoinChapter.

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Filed under: Bitcoin - @ March 28, 2024 1:54 am