Recent on-chain data from IntoTheBlock has revealed a significant accumulation of Dogecoin (DOGE) by major cryptocurrency holders. Over the past week, these large holders, commonly referred to as “whales,” have acquired over two billion DOGE tokens. The data shows this is the largest accumulation of Dogecoin since January of this year. The massive purchase occurred between September 30 and October 5, as per the data shared by the blockchain analytics firm.
Crypto Analyst Predicts Bullish Trend for Dogecoin
Ali Martinez, a well-known cryptocurrency analyst, believes this whale accumulation signals a potential bullish breakout for Dogecoin.
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He predicts that Dogecoin may experience a surge of up to 200% before retracing by about 60%. According to Martinez, Dogecoin’s price trajectory could follow a historical pattern that has previously led to significant price rallies.
Dogecoin’s Technical Breakout Signals Future Rally
Martinez further explained that Dogecoin is currently breaking out of a multi-year descending triangle pattern. This specific technical pattern has previously led to substantial price increases.
He believes that Dogecoin’s current chart mirrors past movements that resulted in a bullish run. In his analysis, Martinez highlighted that Dogecoin recently faced a 65% price decline. He suggests that this pullback might be positioning the asset for another major rally.
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Based on historical performance, he anticipates that Dogecoin could be gearing up for a significant upward movement in the near future. With major whale accumulation and a favorable technical pattern, the stage could be set for Dogecoin to rally once again.
If history repeats itself, DOGE could see both massive gains and subsequent corrections as it navigates the volatile cryptocurrency market.
