Dogecoin Price Could Rally 400% As Whales Move $100M DOGE
The post Dogecoin Price Could Rally 400% As Whales Move $100M DOGE appeared on BitcoinEthereumNews.com.
Dogecoin (DOGE) price has seen a retracement in the last 24 hours after failing to breach the resistance at the intra-day high of $0.4602. During the dip, Dogecoin whales have transferred over $100 million worth of DOGE, signaling significant market interest in the asset. As the meme coin continues to show signs of recovery, analysts predict that DOGE could potentially experience a 400% price surge in the upcoming bull cycle. Whale Transactions Indicate Increased Market Activity Recent reports reveal that two large transactions have taken place involving Dogecoin, involving over 249 million DOGE worth around $102 million. The first transaction saw 131 million DOGE transferred from an unknown wallet to Coinbase, while the second involved 117 million DOGE moved from Binance to an undisclosed wallet. These large transfers could suggest that whales are positioning themselves for a possible price move, while also indicating heightened market interest. The increased activity by major holders often signals potential price shifts. As DOGE trades above $0.40, many market participants are closely watching these large transfers, which may precede a breakout or retracement in price. In particular, the recent surge in trading volume by 77% suggests a rise in demand for Dogecoin, potentially setting the stage for the next big move. Analyst Predicts 400% Dogecoin Price Surge Market analyst Javon Marks has speculated that Dogecoin’s price could rise by 400% based on historical trends and Fibonacci extension levels. According to Marks, the meme coin is in its third bull cycle, following similar patterns from previous cycles in 2017 and 2021. The analyst believes that DOGE price could target the 1.618 Fibonacci extension, which currently sits at $2.28, up from its current price of around $0.42. In his analysis, Marks points out that during the previous bull cycles, Dogecoin surged from its market bottom to the…
Filed under: News - @ December 3, 2024 2:22 am