Key Insights
- Recent chart patterns show Dogecoin price breaking above critical resistance levels. This often precedes sustained bullish momentum.
- Whale activity, with 120 million DOGE accumulated, indicates strong bullish sentiment in the market.
- Based on historical cycles and technical confirmations, analysts predict a potential 1,160% rally for DOGE.
Dogecoin (DOGE) price appears poised for a major price breakout following a confluence of technical and on-chain signals. Analysts highlight whale accumulation as a key factor driving market momentum.
They also observe a shifting market structure favoring bullish trends. An emerging bull cycle could majorly catalyze a sharp price surge.
As per CoinMarketCap, DOGE was trading at $0.1759 at press time. Its 24-hour trading volume reached $726.26 million, reflecting active market participation.
Dogecoin (DOGE) Price Triangle Breakout and Trend Shift Fuel Optimism
DOGE recently broke out of an ascending triangle, signaling a reversal from its previous downtrend. Trader Tardigrade observed a notable shift in Dogecoin’s hourly market structure.
After prolonged downtrend patterns, the asset formed “higher highs and higher lows.” This change signaled a potential bullish trend for DOGE price.
“$DOGE has shifted the market structure from a downtrend to an uptrend,” the trader stated on X. He cited the second consecutive higher high as confirmation.
The breakout aligns with narrowing Bollinger Bands, which often precede significant volatility. Analyst Ali Martinez observed a “tight squeeze” on the 12-hour chart of DOGE on March 24. This pattern usually indicates low volatility and hints at an imminent price move.
On-Chain Data Reveals Whale Accumulation
While DOGE price remained below the $0.20 psychological barrier, on-chain data indicated bullish accumulation. According to Ali Martinez, Dogecoin whales have added over 120 million DOGE in the past week.
DOGE has consolidated between $0.16 and $0.18 since March 11. Martinez noted this range has acted as a battleground for traders. However, the recent whale activity may tip momentum in favor of bulls.
He highlighted multiple indicators, including MACD and Stochastic RSI, resetting on longer timeframes. This signaled a potential recovery phase, provided DOGE price holds its support levels.
Analysts Forecast Dogecoin Price Rally Toward $2.28 and Beyond
Javon Marks, a technical analyst on X, argued that DOGE has entered its third “massive bull cycle.” He cited historical price structures that preceded past rallies and projected a potential 1,160% move toward $2.28.
“There can be no reason for fear,” Marks asserted, emphasizing that DOGE’s setup is stronger than previous cycles. He described DOGE price trends as poised for exponential growth, provided macroeconomic support remains steady.
Still, DOGE price must clear $0.18 and $0.20 to confirm bullish continuation. These higher targets remain theoretical without sustained buy volume and broader market strength.
Dogecoin bulls appear active again after months of sideways movement. Analysts continue to watch key resistance levels while volume and whale behavior offer early signs of a potential rally.
DOGE’s success in meeting lofty projections will rely on broader market dynamics. Traders’ reactions to key price triggers will play a crucial role in the coming days.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
