Dogecoin (DOGE) Primed for Parabolic Growth: Key Metric Surges Amid Whale Activity
Dogecoin is predicted to be gearing up for a massive surge following a huge shift of large holders’ net flow from a negative reading to 386 million Doge. According to analysts, the ongoing pullback is part of its unusual behavior that mostly precedes an unimaginable surge. Dogecoin (DOGE) continues its bearish extension with a decline [...]
- Dogecoin is predicted to be gearing up for a massive surge following a huge shift of large holders’ net flow from a negative reading to 386 million Doge.
- According to analysts, the ongoing pullback is part of its unusual behavior that mostly precedes an unimaginable surge.
Dogecoin (DOGE) continues its bearish extension with a decline of 3.9% in the last 24 hours, 15% in the last seven days, and 19% in the last 30 days to trade at $0.138.
However, the current price action contrasts its on-chain activities which have recorded a significant surge in the last 24 hours. According to data from IntoTheBlock, large holders’ net flow for the asset has shifted dramatically from a negative zone to 386 million DOGE.
Per the interpretation from analysts, this metric provides a real-time update on the movement of whales and investors possessing at least 0.1% of an asset’s circulating supply. Based on the current reading, there is an aggressive accumulation of the asset by big players, signaling a bullish outlook. On the other side, a staggering surge in net flow depicts a market bottom.
Coinciding with the spike in this metric is the inflows to the wallets of large holders which almost reached a 200% surge in just a day, hitting 425.97 million DOGE. A look at the outflow from the wallets of large holders expectedly saw a considerable decline from 222.14 million DOGE to 39.98 million DOGE. These metrics also appear in line with a recent prediction by analyst Ali Martinez, claiming Dogecoin is gearing up for a massive bull run.
Analysts Bullish on Dogecoin
For the ongoing bearish phase, Martinez explained that it is part of its unusual behavior prior to a massive bull run. To sound more convincing, the analyst referred to a situation in 2017 where Dogecoin retraced by 40% before making an upsurge of 1000%. This also repeated in 2021 when the asset declined by 56% before exploding by 12,000%, hitting its time high of $0.7 in the process as formerly reported by Crypto News Flash.
Now, in 2024, DOGE has yet again broken out of a descending triangle! It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run.
Martinez’s position appears unchanged, maintaining a similar stance he took in April. At that time, he predicted that the asset would soon break the negative trend, claiming the dog-themed coin is in a consolidation phase after following a descending triangle. Taking a cue from past performance, the analyst predicted that Doge would soon break the $1 resistance level.
Dogecoin is showing its classic pattern once again! $DOGE is currently consolidating after breaking out from a descending triangle. Based on past trends, we might just see #DOGE rocket towards $1 in the coming weeks.
Similarly, analyst JAVON MARKS described the ongoing market behavior as a healthy pullback. According to him, the asset has the potential to hit $0.65 in a 315% surge. A Mikybull Crypto and Trader Tardigrade also asserts that the real bull is about to start. According to him, the asset is running a seven-year cycle and could send the price to a staggering $40.
What's Your Reaction?