Étienne Girard
Despite overall volatility in the crypto market, Dogecoin (DOGE) continues to demonstrate resilience, maintaining its position above the critical $0.16 support level. Increased whale accumulation and a spike in address activity suggest that DOGE could be gearing up for a significant rally.
On-chain metrics and technical indicators indicate a potential breakout, increasing speculation about Dogecoin’s next big move.
Analyst Predicts a Major Trend Reversal for DOGE
Renowned crypto analyst Trader Tardigrade has identified a noteworthy formation on Dogecoin’s weekly chart. The most recent candlestick closed as a doji, a pattern that frequently signals trend reversals.
- Historically, similar doji formations have preceded major price surges in Dogecoin.
- If this pattern repeats, DOGE could potentially recover and surge beyond $1.
With trader sentiment turning bullish, Dogecoin’s chances of continuing its uptrend remain high—as long as the $0.16 support holds. At the time of writing, DOGE is up 3.05%, trading at $0.1675, while daily trading volumes have increased by 13%, surpassing $1.06 billion.
Additionally, Coinglass data reveals a 31% surge in Dogecoin’s options trading volume, now exceeding $96 billion. Some analysts even predict that DOGE could enter a parabolic rally, potentially surpassing $20 in the long run.
DOGE Address Activity Sees Significant Surge
Over the past two months, the meme coin sector has faced a sharp downturn, with Dogecoin losing 37% of its value on the monthly chart. However, on-chain data suggests a renewed wave of interest, despite DOGE’s price decline.
According to blockchain analytics platform Santiment, the number of wallets holding at least 1 million DOGE has been steadily increasing. Furthermore, DOGE’s active addresses have reached their highest levels in four months, signaling growing trader participation and potential market strength.
What Could Drive Dogecoin’s Next Rally?
For Dogecoin’s bullish momentum to sustain, it will likely require support from the broader crypto market. However, one major potential catalyst could be the introduction of a Dogecoin ETF.
Recent reports suggest that BlackRock may file for a DOGE ETF, which could fuel a massive price rally. If approved, some analysts believe DOGE could surge as high as $50.
With increasing whale activity, technical strength, and market anticipation, all eyes are on Dogecoin’s next move.
