Dogecoin (DOGE) Eyes Major Rally as Whales Accumulate
In recent weeks, Dogecoin has struggled to maintain its value, faced with sustained downward pressure.
However, with the broader cryptocurrency market showing signs of recovery, the once-dominant meme coin is starting to regain some momentum. Experts believe this could be the beginning of a much larger upward trend.
After a prolonged slump, crypto analyst and trader Master Kenobi has suggested that Dogecoin could be on the verge of a major price surge. He foresees that the meme coin could break previous resistance points and set new all-time highs in the near future.
Kenobi’s outlook hinges on the idea that Dogecoin is entering a recovery phase, similar to patterns observed in earlier market cycles. He notes that, while there is still some uncertainty regarding whether DOGE has hit rock bottom, various market indicators suggest that the worst may already be behind it.
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Drawing comparisons to past market trends, such as the 2017 cycle when Dogecoin fell by 84% before staging a comeback, Kenobi believes the current decline, which is around 64%, mirrors that earlier pattern. If this holds true, he anticipates a rebound period that could last around 98 days, potentially pushing Dogecoin back to its all-time highs. Kenobi has outlined a rough timeframe for this surge, predicting it could happen between June 2 and 5.
On-chain analysis has revealed an intriguing shift in investor sentiment, particularly among large holders, or whales. According to technical analyst Ali Martinez, whales have been actively accumulating Dogecoin in recent days, with a massive purchase of 910 million DOGE made over the weekend. This buying spree, which took place over just two days, suggests that major investors are regaining confidence in Dogecoin’s future potential.
Such large-scale purchases often precede short-term price rallies, and it’s possible that this activity signals the start of a rebound for Dogecoin. At the time of writing, DOGE had climbed to $0.23, reflecting a notable 15% rise in value within a single day. With whales showing renewed interest, Dogecoin’s prospects for the near future look brighter.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
