The post Dogecoin Price Could Rally As This On-Chain Metric Turn Bullish appeared on BitcoinEthereumNews.com.

Recent on-chain data shows that short-term trading activity for meme coins has been increasing, which could lead the Dogecoin price to rally. Dogecoin’s recent 65% price retracement aligns with the typical pattern following a breakout from a multi-year descending triangle, setting the stage for a potential bull rally. Dogecoin Price Surge: 200% Target in Sight Crypto analyst Ali Martinez has highlighted the potential for a significant movement in Dogecoin price. According to Martinez, the DOGE price is currently breaking out of a multi-year descending triangle pattern. This has historically signaled significant price increases. In previous instances, the memecoin experienced a 200% surge following similar breakouts. however, it subsequently saw a 60% retracement before embarking on a more substantial bull run. For historical analysis, Martinez pinned three breakouts similar to what they saw this year since 2015, each moving upward with much force. If history is to repeat itself, a midterm rally could push Dogecoin price by 200% up to $0.2236. That level was last seen in December 2021. The coin has retreated to the current price of $0.1112, representing a 2.92% jump in the last 24 hours. Nevertheless, that historical trend looks promising. The broader market conditions, including macroeconomic and investor sentiment perspectives, will likely shape its course in the coming weeks. Adding to the bullish sentiment, whale activity around Dogecoin also intensified, with whales accumulating 2.07B DOGE in just one week. This marks the most significant accumulation of this token by whales since January. It also indicates strong interest from large holders and potentially setting the stage for a substantial price movement. This, however, may not have been completely unexpected. Recently, when the crypto market experienced a sudden wave of selling pressure, Dogecoin price showed resilience, posting a gain. In the last week alone, some 110,000 short-term traders have…

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Filed under: News - @ October 12, 2024 8:48 pm