Dogecoin ($DOGE) is currently experiencing a significant upward trend, breaking out of the oversold zone and approaching the overbought zone. Previously, according to CNF, market attention has shifted to the viral ETH MEME coins, which are being compared to the potential of Dogecoin.
Technical analysis indicates that with the continuous strengthening of investor confidence and the bullish momentum of technical indicators, Dogecoin may target the range of $8 to $10. This pattern is consistent with historical trends, as assets often enter a new growth phase after breaking out of the oversold state.
Whale activity fuels optimistic sentiment
An important event in the Dogecoin ecosystem is that an ancient wallet holding 870,000 Dogecoins was reactivated after 11 years. The wallet transferred its tokens, achieving an astonishing 64,249% investment return. Although this transaction did not directly impact the price, it highlights the renewed confidence of long-term holders.
Furthermore, whales have accumulated over 550 million DOGE in the past month, indicating their confidence in the future potential of this asset, as emphasized in a recent tweet by Whale Alert.
Analysts predict a target price of $10
Experts remain optimistic about the trajectory of Dogecoin. The consolidation around $0.60 provides a potential breakout for this asset, with a target of $0.93 or higher. If the bullish trend continues, the next rally of Dogecoin may push it towards the much-anticipated $10 mark, marking an important milestone in its current market cycle.
Currently, Dogecoin (DOGE) is trading at $0.4088, down 7.15% in the past day and 1.39% in the past week.
