thecryptobasic.com
Dogecoin has defied earlier bearish momentum to resume price take-off, with bullish whale activities contributing to the upward trajectory.
The meme coin alpha has taken off after a period of clumsy price action. For context, DOGE retraced 70% from its December high of $0.4846 to a low of $0.1432 but has rallied 42% from the dip to its current market price.
Interestingly, analyst Kamran Asghar believes the bullish recovery places Dogecoin back on course for its cyclical price explosion to unprecedented prices. He noted in a March 25 post that the blast-off has begun.
Dogecoin Take-Off?
Dogecoin has resumed an upward trajectory following its hold above the crucial level at $0.16, as identified by prominent analyst, Ali Marinez. The market watcher predicted that the meme coin market leader would see higher prices if the demand zone held.
Further, Asghar suggested that the recent bounce aligns with the asset’s cyclical price bullishness, which kickstarted after a successful retest in August 2024. For perspective, Dogecoin broke from a three-year-old descending triangle in February but pulled back to retest the structure’s resistance trendline.
With a successful retest, the asset set out for higher prices, surging to December’s high before the latest decline. Nonetheless, the analyst highlighted that DOGE has more upsides from here, drawing inspiration from the token’s performance in the previous cycle.
An accompanying chart shows similar price action in the past two bull seasons, where Dogecoin surged over 20,566% and 44,471%. Asghar predicts that based on previous cyclical performances, DOGE’s recent form rediscovery will spur a staggering 2,852% rally to $6.
Moreover, the analysis aligns with a price prediction from analyst Doge Lord, who predicted the same target for Dogecoin. He asserted that $6 is the meme coin’s next goal, citing the third wave of a five-wave Elliot Wave structure on the 7-day timeframe.
Whale Acquisition Fuels Rally
Dogecoin has now fully recovered from the earlier downsides this month, and the ever-believing large DOGE holders have played an integral part in this plot. These whales have incessantly bought the dip, keeping hopes alive.
Yesterday, Martinez revealed that Dogecoin whales went shopping again, fueling the asset’s recent price rally. Particularly, investors holding between 1 million and 10 million DOGE added 200 million DOGE to their bags, bringing their stash to 10.5 billion DOGE, worth $2.14 billion at the current market price.
Meanwhile, Dogecoin currently trades at $0.2042, up 7% in the past 24 hours.