- DOGE price gained 7% over the past day, and the meme token prepares for upside rallies.
- Proponents observed double whale activity as transactions worth over $100,000 surged 111%.
- Analysts forecast upside breakout for DOGE, targeting $0.16.
Dogecoin might extend its upside movements as the network’s on-chain activity see massive increases. Analysts predicted uptrends in DOGE as whale transactions doubled overnight.
Dogecoin Price Ready for Breakout
Dogecoin price recorded a 15% surge within the previous week. The dog coin seems on a clear path for price rallies. Meanwhile, IntoTheBlock data shows whale investors became active overnight. That had transactions worth over $100,000, increasing by 111%.
A surge in large volume transfers often reflects whale activity. Accumulation by large wallet investors means a bullish signal for the canine-themed crypto. Whales held more than $40 million in DOGE as of 26 March 2022.
Crypto proponents have noted an accumulation period in each market cycle, with whales scooping the meme currency at discounted prices.
Meanwhile, analysts evaluated Dogecoin price actions and recognized pivot at $0.13 and the initial massive resistance for the token near $0.14. FXStreet believes a broad breakout would send DOGE price higher towards $0.16.
A massive resistance zone corresponds with a $0.16 target, and failing to surge beyond the pivot would trigger a bearish thesis among Dogecoin investors.
FXStreet states that DOGE’s price trend seems strong from an Ichimoku viewpoint. Proponents have predicted another upside push for DOGE prices, a move that would confirm a bullish market.
Meanwhile, the alternative token launched its downside trends in 2021 May, and DOGE enthusiasts have spent more than 321 days within the bearish market. Dogecoin’s seasonal cycles suggest a bullish breakout and upside continuation.
Dogecoin saw price uptrends yesterday (Saturday) amid enhanced sentiments. Moreover, Elon Musk’s reactions contributed to upticks early on the day.
Remember, the crypto community tends to listen to any meme coin-related remark by Tesla CEO. Dogecoin gained more than 3% during late afternoon sessions.
Nevertheless, experts advise investors not to purchase, hold, or sell crypto assets based on announcements from famous individuals. Beware of such cryptocurrency projects and make wise decisions.
Stay tuned for more cryptocurrency updates.
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